NetEase Inc NTES shares are trading lower by 5.10% to $81.66 Thursday morning after the company reported worse-than-expected fourth-quarter adjusted EPS and sales results.
What Happened?
NetEase reported quarterly earnings of $1.07 per share which missed the analyst consensus estimate of $1.17. The company also reported quarterly sales of $3.68 billion which missed the analyst consensus estimate of $3.70 billion by less than 1%. This sales figure is additionally a 3.8% decrease over sales of $3.83 billion in the same period last year.
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Meanwhile, NetEase says gross profit was RMB13.2 billion (US$1.9 billion) for the fourth quarter 2022, an increase of 2.5% compared with the fourth quarter of 2021.
Total operating expenses were RMB8.8 billion (US$1.3 billion) for the fourth quarter 2022, an increase of 6.0% compared with the fourth quarter of 2021.
What Else?
"We experienced solid growth in 2022. Primarily as a result of the ongoing popularity of our leading games and the expansion of our range of products and services, we ended the year with total net revenues reaching RMB25.4 billion in the fourth quarter," said William Ding, CEO and Director of NetEase.
According to data from Benzinga Pro, NetEase has a 52-week high of $108.77 and a 52-week low of $53.09.
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