NetEase reported its second-quarter results for 2024. After that, its shares dropped by 13%
NetEase shareholders reacted negatively to the latest financial report from the Chinese company. As noted by The Wall Street Journal, after the report was released, NetEase shares dropped by 13% to $15.98 each.
Marvel Rivals
Here's what was in the report for the second quarter of 2024.
- NetEase reported that compared to last year, its net profit fell by 17% to 6.8 billion yuan ($930 million), which was below analysts' expectations.
- Meanwhile, the company's net revenue grew by 6.1%, reaching 25.5 billion yuan ($3.5 billion).
- The gaming division's revenue amounted to 20.1 billion yuan ($2.8 billion), an increase of 6.7%. Of this amount, 76% was generated by mobile games.
- NetEase is pleased with the June release of the mobile game Lost Light, which topped the download charts in the Chinese App Store upon launch.
- The daily active audience for Naraka: Bladepoint grew to a record level. Additionally, the game's mobile version was released in June and held the number one spot in the Chinese App Store's popular games chart for over a week, also reaching the top three in revenue.
- Identity V also set a new record for daily active audience size.
- Currently, NetEase's pipeline includes games such as Where Winds Meet, Marvel Rivals, and FragPunk.
