NetEase's First-Quarter Profit Rose but Missed Estimates
By Sherry Qin
NetEase's profit rose in the first quarter, supported by its games segment.
The Chinese videogame giant's net profit increased 12% from a year earlier to 7.6 billion yuan ($1.05 billion), it said Thursday. That missed the estimate of CNY8.015 billion in a FactSet poll of analysts.
Adjusted net profit, a closely watched metric that excludes share-based compensation expenses, climbed 12% to CNY8.5 billion.
Revenue rose 7.2% to CNY26.9 billion, undershooting analysts' estimate of CNY27.35 billion.
Revenue from games and related value-added services--NetEase's largest segment--climbed 7.0% to CNY21.5 billion.
NetEase's top line was helped by its popular titles, including "Eggy Party" and "Identity V."
Write to Sherry Qin at sherry.qin@wsj.com
(END) Dow Jones Newswires
May 23, 2024 05:11 ET (09:11 GMT)
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