Phoenix New Media Limited (NYSE:FENG) Q3 2023 Earnings Call Transcript

Edward Lu: Thank you for the question. Actually, we have confidence in the company’s fundamentals and future performance, which is why the Board of Directors approved the buyback plan. Currently, the company has a very strong cash position, providing enough support for the company’s future growth for our considerable durable period. Through this buyback we aim to return some cash to our shareholders from now until the end of February next year. We will execute the plan in compliance with the U.S. securities law and other relevant regulations. And the buyback transactions will be conducted in the open market at market prices. We expect to start the buyback transaction shortly after the Q3 earnings release. Thank you, Alice.

Alice Tang: Thank you. That’s very helpful.

Operator: Thank you. And that’s all we have for question-and-answer session. I would now like to turn the conference back to Muzi Guo for any additional closing comments.

Muzi Guo: Thank you. We have now come to the end of our Q&A session and our conference call. Please feel free to contact us if you have any further questions. Thank you for joining us today on this call. Have a good day.

Operator: Thank you. This concludes today’s conference call. Thank you for participating. You may now disconnect.