NetEase, inc. - NTES STOCK NEWS

NetEase (NASDAQ: NTES, HKEX: 9999), a leading internet and game services provider, has announced its plans to report financial results for the second quarter of 2024 on Thursday, August 22, 2024, before the U.S. markets open. The company will host an earnings teleconference call with a simultaneous webcast at 8:00 a.m. Eastern Time (8:00 p.m. Beijing/Hong Kong Time) on the same day. NetEase's management will discuss the quarterly results and answer questions during the call.

Interested parties can participate by dialing 1-914-202-3258 with conference ID: 10040836. A replay will be available until August 29, 2024, by dialing 1-855-883-1031 and entering PIN: 10040836. The live webcast and a 12-month replay will be accessible on NetEase's Investor Relations website at http://ir.netease.com/.

NetEase Cloud Music, a leading interactive music streaming service in China, has partnered with Timbaland's Beatclub™ to revolutionize China's beat marketplace. The collaboration will introduce hundreds of premium Beatclub beats to NetEase Cloud Music's Beatsoul, China's premier beat transaction platform. This partnership aims to foster creativity and innovation in China's music scene, aligning with NetEase Cloud Music's focus on supporting independent artists.

Beatsoul, as China's largest beat platform, provides a comprehensive ecosystem for producers, songwriters, and artists to communicate, upload, display, and purchase beats. The platform allows registered musicians to monetize their original beats, with 100% of profits going directly to beat producers. By the end of 2023, NetEase Cloud Music had approximately 149 million cumulative music tracks and was home to 684,000 registered independent artists who had uploaded over 3.1 million music tracks.

Youdao (NYSE: DAO), an intelligent learning company in China, announced its unaudited financial results for Q1 2024. Total net revenues rose 19.7% YoY to RMB1.4 billion (US$192.8 million). Revenue from online marketing services surged by 125.9%, while learning services and smart devices saw declines of 2.0% and 14.8%, respectively. Gross margin decreased to 49.0%, down from 51.7% in Q1 2023. Operating expenses dropped significantly by 18.3%. The company reported a net income of RMB12.4 million (US$1.7 million) compared to a loss of RMB204.4 million in Q1 2023. As of March 31, 2024, cash and short-term investments totaled RMB326.0 million (US$45.2 million). The company executed a share repurchase program, buying back approximately 6.6 million ADSs worth US$30.4 million.

NetEase (NASDAQ: NTES and HKEX: 9999) reported an increase in net revenues of 7.2% YoY to RMB26.9 billion (US$3.7 billion) for Q1 2024. Games and related services saw a 7.0% rise, reaching RMB21.5 billion (US$3.0 billion). Youdao's net revenues grew by 19.7% to RMB1.4 billion (US$192.8 million), and Cloud Music posted a 3.6% increase, hitting RMB2.0 billion (US$281.1 million). Gross profit was up by 14.2% YoY to RMB17.0 billion (US$2.4 billion), but operating expenses surged by 22.4% to RMB9.4 billion (US$1.3 billion). Net income attributable to shareholders was RMB7.6 billion (US$1.1 billion), while non-GAAP net income was RMB8.5 billion (US$1.2 billion). Basic net income per share stood at US$0.33 (US$1.65 per ADS), with non-GAAP basic net income at US$0.37 (US$1.84 per ADS).

Key operational highlights included continued success in established game franchises, strong performances from new game releases, and expanded regional launches. NetEase renewed its publishing agreement with Blizzard and enhanced its collaboration with Microsoft Gaming. Youdao achieved its first sequential quarter of positive net income, and Cloud Music focused on its core business, implementing a comprehensive product upgrade.

NetEase showcased over 40 game franchises and products at its 2024 annual product launch event on May 20 in Hangzhou, China. The 120-minute online event highlighted a diversified range of gaming offerings across various genres and platforms. Key announcements included new game titles like 'Where Winds Meet,' 'NARAKA: BLADEPOINT Mobile,' 'Once Human,' 'Ashfall,' and 'Lost Light.' NetEase also revealed plans for expansions, crossovers, and new events for established titles such as 'Fantasy Westward Journey,' 'Westward Journey,' 'Justice,' 'Eggy Party,' 'Racing Master,' and 'Identity V.' Additionally, the event featured insights into ongoing collaborations with global partners, including behind-the-scenes stories from the producer of 'Marvel Snap.'

NetEase Cloud Music has expanded its K-Pop portfolio by entering into a licensing agreement with Kakao Entertainment, a South Korean entertainment company. This partnership aims to distribute Kakao Entertainment's music catalog in China, promoting Korean music to a broader audience. Kakao Entertainment, known for its K-Pop artists and tracks, will benefit from NetEase Cloud Music's large user base and interactive platform. The agreement signifies a strategic move to enhance the music offerings on NetEase Cloud Music, fostering cross-cultural music exchanges and connecting artists with fans across borders.

NetEase, a leading internet and game services provider, will report its financial results for the 2024 first quarter on May 23, 2024. The earnings call will take place at 7:00 a.m. Eastern Time on the same day. Interested parties can participate by dialing 1-914-202-3258 with conference ID: 10038664. A replay will be available by dialing 1-855-883-1031 and entering PIN: 10038664. The webcast and replay will be accessible on NetEase's Investor Relations website.

Youdao, Inc. will report its first quarter 2024 financial results on May 23. The earnings teleconference call will take place at 6:00 a.m. ET on the same day. Youdao's management will discuss the results and answer questions.

Cloud Music Inc. (HKEX: 9899, 'NetEase Cloud Music') has signed a licensing agreement with JYP Entertainment to distribute their K-Pop music catalog in China. This partnership aims to offer more K-Pop content to Chinese music lovers through NetEase Cloud Music's platform. The collaboration includes artists like TWICE, Stray Kids, ITZY, NMIXX, and more, with the introduction of JYP-themed decorations for users. JYP Entertainment, founded by J.Y. Park, is known for launching numerous popular artists and aims to globalize K-Pop music. NetEase Cloud Music, with a large user base, focuses on personalized music recommendations, enhancing the interaction between K-Pop artists and their Chinese fan base.