NetEase beats first-quarter expectations
NetEase shares rose 3.62% overnight and added over 3% in after-hours trading
Stocks impacted: NetEase (NTES)
Chinese video game and entertainment company announced its unaudited financial results for the first quarter ended March 31. Its net revenues for the first quarter of 2020 were $2.4 billion, increasing 18.3% year on year. Online game services net revenues were 14.1% higher compared with the first quarter of 2019. Revenues from the company’s online learning subsidiary Youdao rocketed 139.8% year on year to $76.5 million. Net income attributable to shareholders in the first quarter rose 30%. NetEase shares rose 3.62% overnight and added over 3% in after-hours trading after the results were announced. The company’s shares are up nearly 30% from the beginning of the year.
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