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Exhibit 99.1 Phoenix New Media Reports Second Quarter 2021 Unaudited Financial Results Live Conference Call to be Held at 9:00 PM U.S. Eastern Time on August 16 , 2021 BEIJING , China , August 17 , 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 second quarter ended June 30 , 2021 . Mr. Shuang Liu , CEO of Phoenix New Media , commented , " While certain segments of the advertising market continued to experience downward pressure and industry - wide intensified competition , we have decided to bolster our competitive differentiation by constructing our content ecosystem . During the second quarter of 2021 , we refined our professional content production capabilities to provide our audience with a steady flow of original , timely , and premium content . In addition , we upgraded the user interface and AI algorithms of our iFeng app to deliver more personalized and engaging content offerings to our users . Above all , we continued to diversify our revenue streams and revitalize our growth engines by exploring new business initiatives . Going forward , by leveraging our quality content portfolio , efficient distribution networks and cultivation of potential business opportunities , we will strive to adapt to the changing market dynamic and launch a renewed growth cycle to generate lasting shareholder value . ” Mr. Edward Lu , CFO of Phoenix New Media , further stated , “ During the second quarter of 2021 , we embraced industry challenges and strategically increased our investment in our content ecosystem to strengthen our long - term competitive differentiation . Meanwhile , we continued to manage our expenses prudently and monitor the ROI in every area of our business closely . Looking ahead , we plan to continue exploring new monetization venues , enhancing our operating efficiency , and fueling the growth of our new initiatives and brand advertising business . This will help us to diversify our overall revenue mix and accelerate our return to profitability . " Second 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 had been excluded from the Company's results from continuing operations in the condensed consolidated statements of comprehensive income / ( loss ) and were 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 second quarter of 2021 decreased by 17.8 % to RMB256.7 million ( US $ 39.8 million ) from RMB312.3 million in the same period of 2020 , primarily due to the year - over - year decline in the Company's net advertising revenues . Total revenues in the second quarter of 2021 increased by 13.5 % from RMB226.1 million in the first quarter of 2021 . Net advertising revenues in the second quarter of 2021 decreased by 18.6 % to RMB233.0 million ( US $ 36.1 million ) from RMB286.3 million in the same period of 2020 , mainly due to the reduction in advertising spending of advertisers from certain industries and industry - wide intensified competition in the second quarter of 2021 . Paid services revenues¹ in the second quarter of 2021 decreased by 8.8 % to RMB23.7 million ( US $ 3.7 million ) from RMB26.0 million in the same period of 2020. Revenues from paid contents in the second quarter of 2021 decreased by 32.4 % to RMB9.6 million ( US $ 1.5 million ) from RMB 14.2 million in the same period of 2020 , mainly due to the trend towards free online reading in the online reading market . Revenues from E - commerce and others in the second quarter of 2021 increased by 19.5 % to RMB14.1 million ( US $ 2.2 million ) from RMB11.8 million in the same period of 2020 , which was mainly caused by the increase in revenues from E- commerce business . COST OF REVENUES Cost of revenues in the second quarter of 2021 increased by 9.9 % to RMB 137.0 million ( US $ 21.2 million ) from RMB 124.7 million in 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 .