Bartis HK - NetEase Exceeds Earnings Goal in Q3 Due to Strong Video Game Sales

NetEase Exceeds Analyst Expectations in Q3 Earnings Report, But Stock Falls On Thursday, Chinese video game publisher and internet services provider
CENTRAL, Hong Kong - Nov. 22, 2023 - PRLog -- NetEase (NTES), reported Q3 earnings that beat analyst expectations, with sales that were in line with estimates. Despite this, NTES stock fell after the report was released.

For the September quarter, NetEase earned an adjusted $1.84 per U.S. share on sales of $3.74 billion. Analysts polled by FactSet had estimated earnings of $1.49 per share on sales of $3.74 billion. NetEase's earnings rose 16% YoY while sales increased by 9%.

During Q3, video games contributed 80% of NetEase's revenue. With a portfolio featuring online and mobile games, as well as a search engine, streaming music, and other internet services, the company's diverse offerings contributed to its positive results.

"Our robust and increasingly diversified games portfolio led our strong results in the third quarter," said Chief Executive William Ding 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 games in various genres, including 'Racing Master,' 'Justice' mobile game and 'Dunk City Dynasty,' also quickly gained widespread acclaim."

NetEase Shares Fall After Report

Despite the positive earnings report, NTES stock fell 2.4% to close at 112.35 on the stock market on Thursday. On November 3rd, NTES stock broke out of a flat base at a buy point of 110.82 based on IBD MarketSmith charts. As of Thursday's close, NetEase was still in the 5% buy zone based on IBD trading guidelines. However, if the breakout fails, the stop-loss sell zone starts at 103.06.

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