Summary by Futu AI
NetEasy announced unaudited financial results for the first quarter ended March 31, 2024 on May 23, 2024. Net income for the quarter was RMB269 billion (approximately US$37 billion), up 7.2% year-on-year. Game and related value-added services net revenue was $215 billion, up 7.0% year-over-year. Net income was US$14 billion, up 19.7% year-on-year. Cloud Music net revenue was $20 billion, up 3.6% year-over-year. Net revenue from Innovation and Other Operations was $20 billion, up 6.1% year-over-year. Gross profit was R$170 billion, up 14.2% year-on-year. Operating expenses totaled R$94 billion, up 22.4% year-over-year. Net profit attributable to the shareholders of the company was USD 76 billion (approximately USD 11 billion). Basic net earnings per share were $0.33 and basic net earnings per share were $0.37 under non-GAAP. THE COMPANY ANNOUNCED A FIRST QUARTER DIVIDEND OF $0.0990 PER SHARE FOR THE FIRST QUARTER OF 2024, WHICH WILL BE PAID TO SHAREHOLDERS IN JUNE. In addition, NetEasy announced a share buyback program of up to $50 billion in November 2022, which will be implemented over the next 36 months.