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- NetEase Inc NTES reported third-quarter FY21 revenue growth of 18.9% year-on-year to $3.44 billion, topping the consensus of $3.276 billion.
- Segments and margins: Online game services revenues grew 14.7% Y/Y to $2.5 billion. The gross margin expanded by 90 bps to 64.5%.
- Net revenues from Youdao Inc DAO increased 54.8% Y/Y to $215.3 million. The margin expanded by 1,070 bps to 56.6%.
- Innovative businesses revenue rose 25.7% Y/Y to $761.1 million. The margin contracted 120 bps to 15.6%.
- Non-GAAP net income per ADS was $0.89.
- NetEase held $15.3 billion in cash and equivalents and generated $976.6 million in operating cash flow.
- Dividend: The board approved a dividend of $0.2250 per ADS for Q3.
- "With strong and steady contributions from our online game services, our total net revenues for the third quarter reached RMB22.2 billion, an increase of 18.9% year-over-year," CEO William Ding said.
- Positive Regulatory News: The 21st Century Business Herald reported that Beijing might restart online game approvals, driving the stock prices of NetEase higher, Bloomberg reports.
- Price Action: NTES shares traded higher by 6.67% at $118.6 in the premarket session on the last check Tuesday.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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