NetEase’s revenue in the second quarter reached 24 billion yuan, and its adjusted net profit increased by 67% year-on-year.

News from this site on August 24, NetEase today released its financial report for the second quarter of 2023 as of June 30: revenue of 24 billion yuan, market expectation of 24.775 billion yuan, 23.2 billion yuan in the same period last year, a year-on-year increase of 3.4% ;The net profit from continuing operations attributable to the company's shareholders under non-GAAP accounting standards was 9 billion yuan, compared with 5.4 billion yuan in the same period last year, a year-on-year increase of 67%. This site summarizes various business data as follows:

• Revenue from games and related value-added services was 18.8 billion yuan (US$2.6 billion), an increase of 3.6% from the second quarter of 2022

• Youdao’s revenue reached 1.2 billion yuan (US$166.4 million) in the second quarter of 2022, an increase of 26.2% from the same period last year

• CloudMusic’s revenue fell 11.1% in the second quarter of 2022 to 1.9 billion yuan ($268.7 million). Compared with the same period last year, monthly active users in the first half of the year increased by 14%, exceeding 200 million people.

• Innovative business and other revenue reached 2.1 billion yuan ($283.7 million) , an increase of 9.9% compared with the second quarter of 2022

• Gross profit increased by 11.1% compared with the second quarter of 2022, reaching 14.4 billion yuan (US$2 billion)

• Total operating expenses were 8.3 billion yuan (US$1.1 billion), an increase of 4.0% from the second quarter of 2022

NetEase CEO Ding Lei said , solid second-quarter results that reflect our commitment to creating superior content across all areas of our business. Total revenue reached 24 billion yuan, a year-on-year increase of nearly 4%. Players continue to love our flagship Fantasy Westward Journey series, as well as new games like Eggman Party. These games expand our presence in the casual gaming space. The critically-acclaimed mobile games Back of the Water and Peak Speed ​​were released in June, further demonstrating our endless drive to bring players diverse, best-in-class innovative games

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