Why Shares of Phoenix New Media Ltd. Rocketed Higher Today

Shares of Chinese media company Phoenix New Media Ltd. (NYSE: FENG) soared on Wednesday following a strong second-quarter report. Phoenix beat analyst estimates across the board, and its third-quarter revenue guidance was also higher than expected. The stock finished the day up 37.6%.

Phoenix reported second-quarter revenue of $58 million, up 12.3% year over year and about $1.5 million above the average analyst estimate. Net advertising revenue rose 14% year over year to $50 million, driven primarily by a 66% surge in mobile advertising revenue. This growth was partially offset by a 21.2% decline in PC advertising revenue.

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Source: Fool.com