NetEase's Quarterly Profit Rises on Higher Sales, Moderated Costs
By Ben Otto
NetEase's quarterly profit rose as the Chinese videogame publisher posted a rise in sales that outpaced expenses.
The Beijing-based company said Thursday that net profit in the third quarter rose 17% on year to 7.84 billion yuan (US$1.08 billion). Revenue rose nearly 12% on year to CNY27.27 billion, the bulk of which came from games and value-added services, while cost of revenues fell 3.5% on year.
Operating profit rose almost 60% on year, with operating expenses expanding just 4.5% from a year ago.
The company also said Chief Financial Officer Charles Zhaoxuan Yang would resign for personal reasons. The executive plans to act in a consulting role with NetEase through June as the company seeks a successor.
Write to Ben Otto at ben.otto@wsj.com
(END) Dow Jones Newswires
November 16, 2023 04:31 ET (09:31 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.-
5 Stocks to Buy While They’re Trading at Big Discounts
-
Markets Brief: Tech Stocks Lead Ahead of Nvidia Earnings
-
How Anti-Obesity Drugs Are Innovating the Healthcare Market
-
What’s Happening In the Markets This Week
-
Why Immigration Has Boosted Job Gains and the Economy
-
What to Invest in During High Inflation
-
Never Mind Market Efficiency: Are the Markets Sensible?
-
Starbucks Stock Could Use a Pick-Me-Up After Big Selloff; Is it a Buy?
-
Should You Buy and Hold an Artificial Intelligence Portfolio?
-
3 Cheap and Dependable Dividend-Growth Stocks to Buy
-
The Best Bank Stocks to Buy
-
After Earnings, Is Roblox Stock a Buy, Sell, or Fairly Valued?
-
After Earnings, Is Lyft Stock a Buy, a Sell, or Fairly Valued?
-
8 Stock Picks in the Apparel Industry
-
Baidu Earnings: Advertising Weakness Offset by Continued Growth In Cloud Business
-
Going Into Earnings, Is Target Stock a Buy, a Sell, or Fairly Valued?