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Exhibit 99.1 Phoenix New Media Reports First Quarter 2021 Unaudited Financial Results Live Conference Call to be Held at 9:00 PM U.S. Eastern Time on May 10 , 2021 BEIJING , May 11 , 2021 ― Phoenix New Media Limited ( NYSE : FENG ) ( “ Phoenix New Media ” , “ ifeng ” or the “ Company ” ) , a leading new media company in China , today announced its unaudited financial results for the first quarter ended March 31 , 2021 . Mr. Shuang Liu , CEO of Phoenix New Media , commented , “ During the first quarter of 2021 , we adapted to the evolving advertising landscape and implemented active measures to increase user traffic , enhance user engagement , and improve user retention . Those measures include producing more exclusive , premium , and original content , leveraging social media distribution to reach a broader audience , and augmenting our premium content pool operations . In addition , we continued to explore new business initiatives to diversify our revenue sources and increase our ability to manage macro risks . Going forward , we will continue to focus on fortifying our leadership in news reporting , expanding our new media influence to build a solid foundation for sustainable growth . We seek to leverage our core competencies to capitalize on emerging opportunities as the economy recovers in 2021. " Mr. Edward Lu , CFO of Phoenix New Media , further stated , “ Certain segment of our advertising business experienced continued pressure during the first quarter of 2021 , thus causing our net advertising revenue to decline slightly year over year . However , thanks to our continued efforts in diversifying our revenue streams , the growth in our paid services revenues partially offset the decline in our net advertising revenues . This led to our total revenues remaining relatively steady on a year - over - year basis . Going forward , we believe that the recovery of our brand advertising business , combined with the progress we have achieved in various new business initiatives , is setting the stage for a revitalization of our future growth . " First Quarter 2021 Financial Results As disclosed in the second quarter 2020 unaudited financial results announcement made on August 17 , 2020 , the Company sold all of its investment in Beijing Yitian Xindong Network Technology Co. , Ltd. ( " Yitian Xindong ” or “ Tadu " ) in the second quarter of 2020 and the disposal of Tadu was qualified for reporting as a “ discontinued operation ” in the Company's financial statements . Accordingly , Tadu's results of operations have been excluded from the Company's results from continuing operations in the condensed consolidated statements of comprehensive income / ( loss ) and are presented in separate line items as discontinued operations for all prior periods . The financial information and non - GAAP financial information disclosed in this press release is presented on a continuing operations basis , unless otherwise specifically stated . REVENUES Total revenues in the first quarter of 2021 decreased by 2.3 % to RMB226.1 million ( US $ 34.5 million ) from RMB231.4 million in the same period of 2020 , primarily due to the year - over - year decline in the Company's net advertising revenues . Net advertising revenues in the first quarter of 2021 decreased by 3.5 % to RMB201.3 million ( US $ 30.7 million ) from RMB208.7 million in the same period of 2020 , mainly due to the reduction in advertising budgets of advertisers in certain industries in the first quarter of 2021 . Paid services revenues¹ in the first quarter of 2021 increased by 9.3 % to RMB24.8 million ( US $ 3.8 million ) from RMB22.7 million in the same period of 2020. Revenues from paid contents in the first quarter of 2021 decreased by 11.8 % to RMB 10.5 million ( US $ 1.6 million ) from RMB11.9 million in the same period of 2020 , mainly due to the broader market conditions reflecting the trend towards free online reading . Revenues from E - commerce and others in the first quarter of 2021 increased by 32.4 % to RMB14.3 million ( US $ 2.2 million ) from RMB10.8 million in the same period of 2020 , which was mainly caused by the increase in revenues from E- commerce and online real estate related services . COST OF REVENUES Cost of revenues in the first quarter of 2021 increased by 2.7 % to RMB 108.1 million ( US $ 16.5 million ) from RMB105.3 million in the same period of 2020. The increase in cost of revenues was mainly due to the following : • Content and operational costs in the first quarter of 2021 increased by 5.4 % to RMB91.7 million ( US $ 14.0 million ) from RMB87.0 million in the same period of 2020 , mainly caused by the resumption of normal operations in the first quarter of 1 Prior to 2021 , paid services revenues comprised of ( i ) revenues from paid contents , which included digital reading , audio books , paid videos , and other content - related sales activities , ( ii ) revenues from games , which included web - based games and mobile games , ( iii ) revenues from MVAS , and ( iv ) revenues from others . As revenues from games and revenues from MVAS were small and had been declining for the past years , to better reflect the Company's paid services revenues disaggregated by products and services , beginning from January 1 , 2021 , paid services revenues have been re - grouped and comprise of ( i ) revenues from paid contents , which includes digital reading , audio books , paid videos , and other content - related sales activities , ( ii ) revenues from E - commerce and others , which mainly includes revenues from E - commerce , MVAS , games and others . For comparison purposes , the revenues from paid services for the quarters of 2020 have been retrospectively re - classified .