Phoenix Media Investment (Holdings) Limited provided revenues guidance for the second quarter of 2020. For the quarter, the company expects total revenues to be between RMB 308.7 million and RMB 338.7 million, representing a decrease of 14.3% to 21.9% year-over-year. For net advertising revenues, the company is forecasting between RMB 276.4 million and RMB 291.4 million, representing a decrease of 10.3% to 14.9% year-over-year. For paid service revenues, the company is forecasting between RMB 32.3 million and RMB 47.3 million, representing a decrease of 32.8% to 34.1% year-over-year.