Business· TMT

Internet giant NetEase achieved Q3 net revenue of USD 2.1 bln, up 11% YoY

minutes 2019/11/21 09:24:37
Q3 earnings, Technology, Online games

Nov 21, 2019 (China Knowledge) - China’s internet technology company NetEase, Inc. (NTES) has published its unaudited earnings report showing its Q3 revenue of RMB 14.6 bln (USD 2.1 bln), up 11% YoY.

The internet giant also recorded gross profit of RMB 7.8 bln, up 9% YoY, and net income of RMB 4.7 bln. Its Q3 revenue reveals online game services contributed RMB 11.5 bln, up 12% YoY.

William Ding, CEO of NetEase, said that online games “remain the cornerstone of the company’s business with steady growth from existing titles and exciting new titles in China and abroad.

Headquartered in Guangzhou, China, NetEase is a technology company mainly focused in the development of online PC and mobile games, advertising services, email services and e-commerce platforms. The company is one of the largest internet and gaming companies in the world, and is currently listed on NASDAQ.

NetEase’s online education business Youdao also performed well, reporting a Q3 revenue of RMB 345.9 mln (USD 48.4 mln), nearly doubling YoY. The company’s other businesses, which include advertising services and NetEase’s online marketplace Yanxuan, achieved a net revenue of RMB 2.755 bln, up 4.5% YoY.

Following the announcement, the company aims to continue to invest in its various businesses, and improve user experience and product customizations.

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