Monday, November 30, 2020
 
Columnist
Martin Hennecke

NetEase profits fall 22pc to 3.7b yuan
 
20/11/2020
 
Chinese online game developer NetEase (9999) said its third-quarter non-GAAP net profit fell 22 percent year on year to 3.7 billion yuan (HK$3.57 billion). The company declared a dividend of US$0.1950 (HK$1.521) per ADS, or US$0.039 per share, for the third quarter of 2020. Basic net income from continuing operations was US$0.65 per ADS, or US$0.13 per share. Non-GAAP basic net income from continuing operations was US$0.80 per ADS, US$0.16 per share. Its net revenues were 18.7 billion yuan, an increase of 27.5 percent compared with the third quarter of 2019. Total operating expenses rose 54.7 percent to 7.0 billion yuan, mainly due to increased marketing expenditures, higher staff-related costs and research and development investments. Online game services net revenues rose by 20.2 percent to 13.9 billion yuan year on year. Net revenues for the search engine Youdao were 896.0 million yuan, up 159 percent over the last year. Innovative businesses and other net revenues rose 41.6 percent to 3.9 billion yuan year on year. The company's gross profit margin for online game services for the period was 63.6 percent, while the gross profit margin for Youdao was 45.9 percent. Meanwhile, its gross profit margin for innovative businesses and others for the third quarter of 2020 was 16.8 percent, up 1.6 percentage points year on year, contributing to an increase in net revenues from NetEase Cloud Music.
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