NetEase Beats Third-Quarter Earnings Goal On Strong Video Game … – Investor’s Business Daily
Chinese video game publisher and internet services firm NetEase (NTES) on Thursday beat analyst estimates for earnings in the third quarter on in-line sales. NTES stock fell in early trading.
The Hangzhou, China-based company earned an adjusted $1.84 per U.S. share on sales of $3.74 billion in the September quarter. Analysts polled by FactSet had expected earnings of $1.49 a share on sales of $3.74 billion. On a year-over-year basis, NetEase earnings rose 16% while sales climbed 9%.
Video games accounted for 80% of NetEase revenue in the third quarter. In addition to online and mobile games, NetEase offers a search engine, streaming music and other internet services.
“Our robust and increasingly diversified games portfolio led our strong results in the third quarter,” Chief Executive William Ding said in a news release.
He added, “Our flagship games continue to win the hearts of players with fan favorites like the ‘Fantasy Westward Journey’ series. Our newest innovative, first-rate…
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source: https://news.oneseocompany.com/2023/11/16/netease-beats-third-quarter-earnings-goal-on-strong-video-game-investors-business-daily_2023111652691.html
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