NetEase stated in the report released yesterday that its revenue for the Q3 was above the estimates.
The Chinese tech giant earned $2.7 billion in Q3 2020, up 27.5 percent year on year.
Analysts expected NetEase to earn 3.43B per share and 18.15B in total, while the company generated total revenue of 18.66B, with 5.35B per share.
Also, the company’s gross profit in Q3 grew by 25.6 percent year on year to $1.5 billion.
NetEase shares rose 39.41 percent during the year. The Nasdaq 100 index, in which the stock is traded, rose 36 percent.
In Q3, the company introduced the card game Marvel Duel to overseas markets and launched EVE Echoes internationally. Apart from that, several games such as Harry Potter: Magic Awakened and The Lord of the Rings: Rise to War have been released or are in beta.
“With strong and steady contributions from our online game services, our total net revenues for the third quarter reached RMB18.7 billion, an increase of 27.5% year-over-year,” said Mr. William Ding, CEO and Director of NetEase.
“The strength of our games business is bolstered by our diverse and growing game portfolio with impressive longevity. Additionally, our robust pipeline of games ready for launch is hugely exciting, and we cannot wait to unveil our game sensations across multiple genres to both domestic and global players in the coming quarters.”
“Our other businesses including Youdao, NetEase Cloud Music and Yanxuan are also on track, with promising year-over-year topline growth. As we work to bring even more value to our community and shareholders, we will continue to focus on expanding our sustainable growth prospects for each of our businesses.”