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.-
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