Ad sales fall but NetEase net rises 55%

By Ding Yining | May 22, 2009, Friday |

Print Edition

ALTHOUGH its online advertising revenue dropped in the first quarter of this year, NetEase Inc reported a more than 50 percent jump in net profit as its online game sector performed strongly.

The Internet and online game portal said profit for the first three months totaled US$61 million, or 47 cents per share, an increase of 55 percent from a year ago.

Although online advertising revenue fell 47 percent to US$6 million, online games contributed US$106 million, up 30 percent from a year earlier, with NetEase games "Fantasy Westward Journey" and "Westward Journey Online" boosting the firm's game revenue.

Total revenue was US$114.4 million, a jump of 20 percent from a year ago.

William Ding, CEO and director of NetEase, said the drop in its advertising income is just temporary.

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Ad sales fall but NetEase net rises 55%

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