Netease Inc

Latest Results (20.08.2024):

Revenue

NetEase Inc's revenue for the first quarter of 2024 was RMB9.4 billion (US$1.3 billion), compared with RMB10.0 billion in the preceding quarter and RMB7.7 billion in the first quarter of 2023. The quarter-over-quarter decrease was mainly due to decreased research and development investments and marketing expenditures, while the year-over-year increase was driven by higher marketing expenditures and staff-related costs.

Other Income

Other income for NetEase Inc in the first quarter of 2024 saw an increase due to net exchange gains compared to net exchange losses in the prior quarter. The year-over-year increase was primarily due to higher interest income resulting from an improved net cash position and net exchange gains, compared with net exchange losses in the first quarter of 2023.

Income Tax

NetEase Inc recorded a net income tax charge of RMB1.5 billion (US$205.8 million) for the first quarter of 2024, compared with RMB1.1 billion in the preceding quarter and RMB1.6 billion in the first quarter of 2023. The effective tax rate for the first quarter of 2024 was 16.0%, compared with 13.8% and 19.5% for the preceding quarter and the first quarter of 2023, respectively.

Net Income

Net income attributable to NetEase Inc's shareholders totaled RMB7.6 billion (US$1.1 billion) for the first quarter of 2024, compared with RMB6.6 billion in the preceding quarter and RMB6.8 billion in the first quarter of 2023. The company reported basic net income of US$0.33 per share (US$1.65 per ADS) for the first quarter of 2024.

Quarterly Dividend

The board of directors of NetEase Inc approved a dividend of US$0.0990 per share (US$0.4950 per ADS) for the first quarter of 2024, payable to holders of ordinary shares and ADSs as of June 6, 2024. The payment date is expected to be June 17, 2024, for holders of ordinary shares and on or around June 21, 2024, for holders of ADSs.