Prime Allied Limited - Chinese video game publisher NetEase beats earnings target but sales fall

NetEase (NTES), one of China's largest online gaming and internet service providers, surpassed profitability projections for the second quarter on Thursday, although revenues fell short.
CENTRAL, Hong Kong - Sept. 5, 2023 - PRLog -- The shares of NTES plummeted in early trade.

In the June quarter, the Hangzhou, China-based firm earned an adjusted $1.93 per U.S. share on revenues of $3.3 billion. FactSet surveyed analysts, who predicted NetEase to earn $1.25 per share on $3.41 billion in revenue. NetEase earned an adjusted $1.20 per U.S. share on revenues of $3.41 billion in the prior year.

In the second quarter, video games accounted for 78% of NetEase revenue. NetEase also provides a search engine, streaming music, and other internet services in addition to online and mobile gaming.

"Our consistent second-quarter results reflect our commitment to producing exceptional content across our businesses," stated CEO William Ding in a press statement.

NTES Is A Technology Leader

NTES shares fell 1.7% to 100.89 in premarket trade today on the stock market.

According to IBD MarketSmith charts, NTES stock broke out of a flat base on June 13 at a purchase price of 94.99.

The IBD Tech Leaders list includes NTES stock. According to IBD Stock Checkup, NetEase ranks sixth out of 23 stocks in the Computer Software-Gaming sector category.

Prime Allied Limited ( provides asset management and financial consulting. Prime Allied Limited works with you to create a financial strategy that allows you to actively build, conserve, and diversify your assets.

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