Wednesday, 2024 June 12

KEY STAT | NetEase posts strong gaming growth in Q3

Chinese entertainment giant NetEase (NASDAQ: NTES; HKEX: 9999) booked online gaming revenues of USD 2 billion in the third quarter, a year-on-year increase of 20.2%.

In the conference call on Thursday, CFO Charles Yang attributed the gaming revenue growth to the resilience of their existing titles during summer, which is the best quarter of the year for game developers as students have more time to play. Yang also highlighted a 13% year-on-year growth in their PC games net revenue, above the general industry trend.

Meanwhile, long-term rival Tencent (HKG: 0700) booked its highest gaming revenue growth since 2017 in this quarter to hit total earnings of USD 6.3 billion, more than triple those of NetEase.

NetEase’s total revenue climbed 27.5% in the quarter to USD 2.7 billion, of which online gaming contributed nearly 75%. Net profit attributable to shareholders was USD 441.6 million, the company said.

Read this: Video | Meet the man behind Chinese gaming firm and music platform NetEase

This article is part of KrASIA’s “Key Stat” series, where KrASIA picks and presents the most significant figures of the day’s technology and business world.

Julianna Wu
Julianna Wu
Data visualist & writer

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