NetEase Reports Revenues of RMB25 Billion in Q1

Tiger Newspress2023-05-25

NetEase reports revenues of RMB25 billion in Q1, better than RMB24.98 billion.

First Quarter 2023 Financial Highlights

Net revenues were RMB25.0 billion (US$3.6 billion), an increase of 6.3% compared with the first quarter of 2022.
- Games and related value-added services net revenues were RMB20.1 billion (US$2.9 billion), an increase of 7.6% compared with the first quarter of 2022.
- Youdao net revenues were RMB1.2 billion (US$169.4 million), a decrease of 3.1% compared with the first quarter of 2022.
- Cloud Music net revenues were RMB2.0 billion (US$285.4 million), a decrease of 5.2% compared with the first quarter of 2022.
- Innovative businesses and others net revenues were RMB1.9 billion (US$270.5 million), an increase of 12.8% compared with the first quarter of 2022.
Gross profit was RMB14.9 billion (US$2.2 billion), an increase of 16.0% compared with the first quarter of 2022.
Total operating expenses were RMB7.7 billion (US$1.1 billion), an increase of 4.7% compared with the first quarter of 2022.
Net income attributable to the Company's shareholders was RMB6.8 billion (US$983.6 million). Non-GAAP net income attributable to the Company's shareholders was RMB7.6 billion (US$1.1 billion).[1]
Basic net income per share was US$0.31 (US$1.53 per ADS). Non-GAAP basic net income per share was US$0.34 (US$1.71 per ADS).

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