Phoenix New Media Slips

ADRs of Phoenix New Media Ltd. were down slightly Thursday after the company reported late Wednesday weaker-than-expected Q1 adjusted earnings and revenues, and issued downside guidance on Q2 sales.

On an adjusted basis, Q1 net income was $0.05 per ADS, compared to $0.11 per ADS a year earlier, missing the average analyst estimate of $0.08 compiled by Capital IQ.

Q1 net loss attributable to the company was $1.8 million or $0.03 per ADS compared to net income of $10 million or $0.13 per ADS.Total revenues increased 2.2% to RMB 365.1 million ($58.9 million), narrowly missing the consensus of $59.8 million.

For Q2, the Chinese media company expects revenues of RMB 412 million ($66.5 million) to RMB 432 million ($69.7 million), below the consensus of two analysts of RMB 507.6 million ($81.9 million). FENG ADRs recently traded in the lower half of the 52-week range of $5.60 to $11.38.