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NetEase's revenue in the first quarter of 2024 reached 26.9 billion yuan, with a net profit of 8.5 billion yuan attributable to the company's shareholders. This marks the seventh consecutive quarter with R&D investment exceeding 15%.

She Qi Thu, May 23 2024 08:10 PM EST

Revenue from games and related value-added services amounted to 21.5 billion yuan, showing a 7% year-on-year growth.

In terms of gaming, income from online games contributed to 95.2% of the total business revenue, compared to 93.4% in the previous quarter and 92.7% in the same period last year. s_461a857f4f9c4d7f9ab481cc1c9d68b8.png

  • The revenue from mobile games accounted for 78.6% of online gaming revenue, up from 76.7% in the previous quarter and 72.3% from the same period last year.

  • In the first quarter, revenue from the mobile game "Journey to the West" hit a record high, with popular games like "Against the Light" and "Egg Party" maintaining top spots on the bestseller list.

  • "Identity V" celebrated its 6th anniversary with a surge in popularity, achieving record-high revenue and daily active users (DAU) in May. "The Land of Rebirth" also hit a near three-year revenue high on its 9th anniversary since launch.

  • NetEase announced plans to accelerate the development and global distribution of new in-house games in the second half of the year.

  • In other financial data, Youdao's revenue reached 1.4 billion yuan, a 19.7% year-on-year increase; Cloud Music's revenue hit 2 billion yuan, a 3.6% year-on-year growth; and revenue from innovation and other businesses reached 2 billion yuan, up by 6.1% year-on-year.