周四下午，网易公布财报显示，网易在2024年第一季度实现净收入人民币269亿元（约合37亿美元），同比增加 7.2%；毛利润为170亿元，同比增加14.2%；归属于公司股东的净利润为76亿元，同比增加13%；基本每股净利润为2.38元，同比增加13.3%；营业费用合计为94亿元，同比增加22.4%。Source: Wall Street News
Gaming is still the mainstay of NetEase. Net revenue from games and related value-added services increased 7.0% year over year to $21.5 billion, and Youdao's net revenue was RMB 1.4 billion, up 19.7% year on year.
Benefiting from the steady growth of the gaming business,$NTES-S (09999.HK)$/$NetEase (NTES.US)$Both revenue and net profit increased year over year in the first quarter.
On Thursday afternoon, NetEase released financial reports showing that in the first quarter of 2024, NetEase achieved net revenue of RMB 26.9 billion (US$3.7 billion), up 7.2% year on year; gross profit of 17 billion yuan, up 14.2% year on year; net profit attributable to shareholders of the company was 7.6 billion yuan, up 13% year on year; basic net profit per share was 2.38 yuan, up 13.3% year on year; total operating expenses were 9.4 billion yuan, up 22.4% year on year.
Additionally, net profit attributable to the company's shareholders under non-GAAP for the first quarter was $8.5 billion; basic non-GAAP net profit per share was $0.37 (basic net profit per American depositary share was $1.84).
After the data was released, the pre-market decline of NetEase US stocks narrowed to about 5%, after falling close to 8% previously.
By business, gaming is still the mainstay of NetEase:
Net revenue from games and related value-added services was $21.5 billion, up 7.0% year on year; net profit increased year on year, mainly due to the increase in net revenue from mobile games, such as “Egg Boy Party” and several newly launched games.
NetEase said that the company has renewed its distribution agreement with Blizzard Entertainment to bring games that players love back to the Chinese market, and will also cooperate more widely with Microsoft Games.
Youdao's net revenue was RMB 1.4 billion, up 19.7% year on year; gross profit declined month-on-month, mainly due to the decline in revenue contributions from learning services and smart hardware; and gross profit increased year-on-year, mainly due to the increase in revenue contribution from its online marketing services.
Cloud Music's net revenue was RMB 2 billion, up 3.6% year on year; gross profit increased both month-on-month and year-over-year, mainly due to one-time adjustments to certain copyright fees, increased membership subscription revenue, and continued improvement in cost control.
Net revenue from innovation and other businesses was RMB 2 billion, up 6.1% year on year; gross profit declined month-on-month, mainly due to seasonal factors, and net revenue from strictly selected e-commerce and advertising businesses declined.
Regarding the gaming business, NetEase CEO and Director Ding Lei said:
While witnessing the enduring success of our flagship games, we are also continuing to explore the diversification of categories and continue to forge new milestones in game operations, user circles, and external cooperation. The high quality and diverse product matrix lays a solid foundation for us to bring a high-quality gaming experience to players around the world. Supported by strong R&D capabilities, we are committed to innovation and category expansion, and work with global talents and partners to explore more opportunities and achieve a win-win situation.
Facing the future and overall product architecture, Ding Lei concluded:
In the vast NetEase family, Cloud Music and Dao have performed well and continue to export innovative content in their respective fields. In 2024, we will also pour our love and continue to focus on refining products and content, developing markets, providing excellent experiences, and ultimately creating value for our users and companies.
editor/tolk