NetEase 2nd-quarter revenues beat expectations, but earnings fall short by 3 cents per share
By APWednesday, August 18, 2010
NetEase 2Q revenues beat Street; earnings miss
NEW YORK — Chinese online game service provider NetEase.com Inc. said Wednesday that its net profit grew in the second quarter, thanks to new games and the operation of Activision Blizzard Inc.’s “World of Warcraft.”
Net income in the three months to June 30 rose 4 percent to 485.7 million renminbi ($71.6 million) from 468.1 million renminbi in the same period a year ago.
The earnings amounted to 55 cents per American Depositary Share, compared to 53 cents a year earlier.
Revenue grew to 1.3 billion renminbi ($198.6 million) from 872.1 million renminbi ($128.6 million) a year ago.
While NetEase’s revenue beat the $184 million expected by analysts polled by Thomson Reuters, its earnings fell short of expectations by 3 cents per share.
U.S.-traded shares of NetEase rose 50 cents, or 1.4 percent, to $37 in after-hours trading Wednesday, after losing 66 cents, or 1.8 percent, to close at $36.50.
