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Online gaming boom helps NetEase's 4th-quarter profit grow 23%
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CHINESE online gaming operator and web portal NetEase said profit in the fourth quarter last year had a health spurt with booming online gaming income.
Profit rose 22.7 percent to 1.24 billion yuan (US$204 million) and revenue was up 11.1 percent to 2.58 billion yuan in the three months ended December 31, it said in a stock exchange filing today.
Online gaming contributed to 82 percent of overall income in the fourth quarter and the company said it plans to launch more games on the mobile phone platform this year to tap the booming smartphone trend.
Online advertising income rose 38 percent to 358 million yuan in the fourth quarter, boosted by strong performance of its smartphone news application.
"We plan to expand the portfolio of our existing mobile applications and further explore opportunities in online games markets overseas to drive growth across our traditional and mobile Internet businesses," said NetEase CEO and Director William Ding.
The online gaming market size is estimated to grow 29.9 percent this year, lower than the growth rate of 36 percent in 2013, while mobile gaming is expected to nearly double from a year ago, representing the area with the fastest growth, research firm Analysys International said.
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