NetEase’s Q4 profit better than expected
Print Edition
CHINESE online portal NetEase reported better-than-expected earnings in the fourth quarter as the PC and mobile gaming business performed robustly, according to an exchange filing yesterday.
Its profit in the fourth quarter surged 70.2 percent to 3.68 billion yuan (US$537 million), NetEase said, adding that mobile games were the key contributor as it introduced over 40 new titles last year, including Onmyoji and New Ghost.
NetEase reported earnings per share of US$4.40, with revenue jumping 53 percent to US$1.743 billion in the three months ended in December. The revenue exceeded estimates of 37 percent growth for revenue of US$1.58 billion.
Online gaming revenue soared 63 percent to 8.96 billion yuan while income from advertising services gained 9.2 percent and sales related to e-mail, e-commerce and other services jumped 38.1 percent.
“With more than 40 new mobile titles in 2016, we have introduced a number of chart toppers to China’s thriving mobile market,” NetEase CEO William Ding said in the earnings statement. “There remains massive opportunity within the mobile market, and we plan to add more mobile versions of our legacy titles and new self-developed and licensed mobile games to further this momentum.”
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