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NetEase Reports Strong Q2 2023 Financial Performance

By Xueyang
Aug. 25, 2023 updated 02:54

NetEase GamesNetEase Games

NetEase released its Q2 2023 financial report on the evening of August 24, Beijing time. The company reported revenues of 240 billion CNY (33.113 billion USD), marking a 3.4% YoY growth. The net profit attributable to shareholders under non-GAAP standards was 90 billion CNY, a whopping 67% increase compared to 54 billion CNY from the same period last year.

NetEase Stock PriceNetEase Stock Price

NetEase also showed healthy gross profit margins across its divisions: 67.4% for gaming services, 47.0% for Youdao, and 27.0% for Cloud Music. Operating expenses totaled 83.128 billion CNY, with an effective tax rate of 8.0%.

Shareholders enjoyed a net profit of 82.428 billion CNY (11.367 billion USD). Basic earnings per share stood at 0.35 USD, and the board approved a quarterly dividend of 0.105 USD per share, payable in September. Cash and cash equivalents totaled 996 billion CNY as of June 30, 2023, and cash flow from operations was 77 billion CNY.

In summary, NetEase demonstrated solid financial performance, with notable gains in revenue and profitability.

Source: Sina