NetEase posts rise in revenue and profit in Q1
Print Edition
CHINESE online gaming and news portal NetEase yesterday reported its profit and revenue in the first quarter rose on a surge in advertising and online gaming income.
The profit in the first three months rose 5.7 percent to 1.12 billion yuan (US$180 million) while revenue jumped 11.6 percent to 2.52 billion yuan, the company said in a statement.
The company cited a 47.9 percent surge in online advertising income to 245 million yuan and a 6.3 percent rise in online gaming revenue from a year ago to 2.16 billion yuan.
NetEase Chairman and CEO William Ding told a conference call with analysts after the earnings release that the company will launch a mobile gaming platform. It also plans to open a payment service for users of its smartphone chatting software Yixin, a joint venture with China Telecom, at the end of this month.
China’s online gaming sector may grow 30 percent this year to 109.3 billion yuan, and mobile gaming will be the fastest growing sector, research firm Analysys International said.
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