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<Results>NTES-S 1Q Non-GAAP NP RMB8.5B, Up 12% YoY, In Line
Recommend 16 Positive 27 Negative 11 |
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NTES-S (09999.HK) announced its results for 1Q ended March. Net profit attributable to shareholders was RMB7.634 billion, in line with expectations (forecasts by 4 brokers as summarised by our reporters ranged from RMB6.181 billion to RMB8.028 billion), rising 13% YoY and 16% QoQ. Basic net profit per share was RMB2.38. A quarterly dividend of US$0.099 per share (US$0.495 per ADS) was declared. Non-GAAP net profit attributable to shareholders of the company reached RMB8.511 billion, in line with expectations (forecasts by 7 brokers as summarised by our reporters ranged from RMB6.957 billion to RMB8.812 billion), growing 12% YoY and 15% QoQ. Basic non-GAAP net profit per share was RMB2.65. Net revenue for 1Q24 was RMB26.9 billion, elevating 7.2% YoY. Games and related value-added services logged net revenue of RMB21.5 billion, inclining 7% YoY. Youdao achieved net revenue of RMB1.4 billion, hiking 19.7% YoY. Cloud Music reported net revenue of RMB2.0 billion, inclining 3.6% YoY. Net revenue from innovative businesses and others amounted to RMB2.0 billion, lifting 6.1% YoY. Gross profit margin for games and related value-added services for 1Q24 was 69.5%, compared to 69.5% in 4Q23 and 66.7% in 1Q23. The YoY increase was mainly attributable to the revenue contribution from different platforms and self-developed games. According to NetEase, there will be more highly anticipated new product launches in the future, including the release of the open-world action-adventure role-playing game "Where Winds Meet" in 3Q24, and the release of "Justice" mobile in more regions. Other new products of various genres are also under the spotlight, including "Naraka: Bladepoint" mobile, "Once Human" and "Marvel Rivals". The group also renewed its distribution agreement with Blizzard Entertainment to bring beloved games titles back to the Chinese market, and will also embark on a wider cooperation with Microsoft Gaming. As of the end of March, the group had purchased approximately 8.9 million ADSs totalling approximately US$811 million under the repurchase programme. AAStocks Financial News |
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