NetEase profit soars 31pc to 27.5 billion yuan for the first nine months

Chinese internet and games provider NetEase's (9999) net profit rose 31.5 percent year-on-year to 27.5 billion yuan (HK$30.1 billion) for the first nine months this year, while its revenue missed expectations.

Revenue increased 8.3 percent to 85.1 billion yuan during the period.

For the third quarter alone, the company saw its net profit jump 31.8 percent to 8.6 billion yuan and declared a third-quarter dividend of 0.114 US cents. Its income went up 8.2 percent to 28.4 billion yuan.

Games and related value-added services revenues grew 11.8 percent to 23.3 billion yuan in the third quarter, mainly driven by higher income from self-developed games such as Fantasy Westward Journey Online, Eggy Party, and newly-launched Where Winds Meet and Marvel Rivals.

Its artificial intelligence-powered solutions provider Youdao posted a 3.6 percent increase in its income to 1.6 billion.

Revenue from NetEase Cloud Music (9899) inched down 1.8 percent, while that of innovative businesses and others declined 18.9 percent.

The firm also announced that its previously approved share repurchase program will be extended for an additional 36 months until January 9, 2029. 

Its US-listed shares decreased 2.79 percent in the pre-trading market.