Phoenix New Media Limited (NYSE:FENG) Q1 2019 Earnings Conference Call Transcript
May 14, 2019 • 09:00 pm ET
Ladies and gentlemen, thank you for standing by and welcome to the Phoenix New Media 2019 First Quarter Earnings Call. At this time, all participants are in a listen-only mode. There will be a presentation followed by a question-and-answer session. (Operator Instructions) I must advise you that this conference is being recorded today, Tuesday, 14th of May 2019.
I would now like to hand the conference over to your first speaker today, Qing Liu. Thank you. Please go ahead.
Thank you, operator. Thank you and welcome to Phoenix New Media first quarter 2019 earnings conference call. I'm joined here by our CEO, Mr. Shuang Liu; and CFO, Ms. Betty Ho.
On today's agenda, management will provide us with a review on the quarter and also include a Q&A session after the management's prepared remarks. The first quarter 2019 financial results and webcast of this conference call are available at ir.ifeng.com. A replay of the call will be available on the website in a few hours.
Before we continue, I refer you to our Safe Harbor statement in our earnings press release, which apply to this call as we will make forward-looking statements.
Finally, please note that, unless otherwise stated, all figures mentioned during this conference call are in RMB.
With that, I would like to turn the call over to Mr. Shuang Liu, our CEO.
Thank you, Qing. Good morning and good evening, everyone. I'm pleased to see a solid start in 2019. Our first quarter total revenues reached RMB287.3 million (ph), exceeding the high-end of our previous guidance. This outstanding performance was the result of new growth initiatives in our content offering strategy, digital reading, and expansion in the lifestyle-related verticals.
We have optimized our flagship product, the ifeng app substantially. We continue to focus on enhancing our AI footprint by further improving the synergies with our editorial system. Our successful integration of human expertise and AI algorithms has helped us to improve our ability to generate and distribute high-quality, unbiased coverage of major events and breaking news. It also helps to improve our new delivery efficiency. For example, our coverage of the two sessions in March once again demonstrated our preeminence in the field of upcoming major events. During our coverage of the two sessions, we fully utilized the advantages of artificial intelligence and our editorial expertise to produce and to distribute hundreds of editorial articles and videos based on our exclusive interviews with influential leaders, all of which were well received by our users.
We believe that consumers read news for three reasons; to obtain information, to fulfill interests and to be entertained. The Good News app should satisfy all three requirements and strike a healthy balance at the same time. The sad reality is that, nowadays there are many news apps that only focus on monetary returns and chase after users' time using clickbait content breaking news. Such practice leads to addictive consumption of worthless and incomparable information. In fact, these practices are also detrimental to news