NetEase's 2024 Q2 Performance Report Revenue, Profits, and Business Segments
TapTechNews August 22nd news, NetEase has just released the performance report for the second quarter of 2024 as of June 30. TapTechNews summarizes the highlights as follows:
Revenue was 25.5 billion yuan, compared to 24 billion yuan in the same period last year, an increase of 6.1%.
Gross profit was 16 billion yuan, an increase of 11.6%.
Total operating expenses were 9 billion yuan, an increase of 8.9%.
The net profit attributable to shareholders of the company was 6.8 billion yuan, while in the previous quarter and the same period last year it was 7.6 billion yuan and 8.2 billion yuan, respectively.
Excluding US GAAP, the net profit attributable to NetEase shareholders was 7.8 billion yuan, while in the previous quarter and the same period last year it was 8.5 billion yuan and 9 billion yuan, respectively.
The net revenue of games and related value-added services was 20.1 billion yuan, an increase of 6.7%. The net revenue from online games accounted for about 96.1% of the net revenue of this segment; the net revenue from mobile games accounted for about 76.4% of the net revenue from online games.
The net revenue of NetEase Youdao was 1.3 billion yuan, an increase of 9.5%.
The net revenue of NetEase Cloud Music was 2.0 billion yuan, an increase of 4.7%.
The net revenue of innovation and other businesses was 2.1 billion yuan, remaining the same as last year.
Total operating expenses were 9 billion yuan, compared to 9.4 billion yuan in the previous quarter and 8.3 billion yuan in the same period last year.
NetEase said that the gross profit of games and related value-added services decreased quarter-on-quarter mainly due to the decrease in the net revenue of several mobile games. Its year-on-year increase was mainly due to the increase in the net revenue of mobile games, such as Identity V and the Justice Mobile launched in 2023.
The gross profit of Youdao decreased quarter-on-quarter mainly due to the decrease in the net revenue of its learning services. Its year-on-year increase was mainly due to the increase in the net revenue of its online marketing services. The gross profit of Cloud Music decreased quarter-on-quarter mainly due to a one-time adjustment of certain copyright fees in the previous quarter. Its year-on-year increase was mainly due to the increase in member subscription revenue and the continuous improvement of cost control.
The gross profit of innovation and other businesses increased quarter-on-quarter and year-on-year mainly due to the increase in the gross profit of Yanxuan and some other businesses in this segment.
