Shulou(Shulou.com)11/24 Report--

CTOnews.com November 16 news, Netease today released 2023 Q3 financial report, Net income 27.3 billion yuan, In line with market expectations, The same period last year for 24.4 billion yuan; Non-GAAP, Attributable to the company's shareholders of continuing operating net profit 8.6 billion yuan.

Netease invested 4.3 billion yuan in R & D in a single quarter. Netease accelerated the development and landing of large models. The accumulated R & D investment in the first three quarters has exceeded 12 billion yuan.

Key financial results for the third quarter of 2023

Net revenue was 27.3 billion yuan (US$3.7 billion), up 11.6 percent year-on-year.

Net revenue from games and related value-added services was RMB21.8 billion (US$3 billion), up 16.5% year-on-year.

Net revenue was RMB1.5 billion (US$210.9 million), up 9.7% year-on-year.

Cloud Music net revenue was RMB2 billion (US$270.4 million), down 16.3% year-on-year.

Net revenue from innovation and other businesses was RMB2 billion (US$271.2 million), up slightly year-on-year.

Gross profit was 17 billion yuan (US$2.3 billion), up 23.4 percent year-on-year.

Operating expenses totaled 9.4 billion yuan (US$1.3 billion), up 4.5 percent year-on-year.

Net profit attributable to shareholders was 7.8 billion yuan ($1.1 billion). Non-GAAP net profit from continuing operations attributable to shareholders of the Company was RMB8.6 billion (US$1.2 billion). (Note: Non-GAAP net income from continuing operations attributable to shareholders of the Company, basic and diluted net income from continuing operations per share and net income from continuing operations per American depositary share are defined as net income excluding equity incentive expenses)

Basic net income per share was $0.33 (basic net income per American depositary share was $1.67). Non-GAAP basic net income from continuing operations per share was $0.37 (basic net income from continuing operations per American depositary share was $1.84).

Netease disclosed in its earnings report that Yang Zhaoxuan, chief financial officer of the company, has submitted his resignation to the board of directors due to personal reasons and will no longer hold the position from November 30,2023 to explore other career development. Until June 30, 2024, Yang Zhaoxuan will continue to serve as an advisor to the Company to ensure a smooth transition as the Company searches for a successor.

Ding Lei, CEO of NetEase, expressed his heartfelt thanks to Mr. Yang Zhaoxuan for his contribution to the company in the past six years. "He played a key leadership role in several major capital market transactions that were key milestones in the company's history. On behalf of the Board and the management team, I wish him well in the future. "Ding Lei said.

Yang Zhaoxuan said: "I am honored to work with Mr. Ding Lei, the board of directors and the management team to help NetEase achieve today's achievements. I am committed to a smooth transition, and I am confident that Netease will achieve sustainable development and continue to create value. "

CTOnews.com with Netease official website Yang Zhaoxuan profile:

Yang Zhaoxuan has been our Chief Financial Officer since June 2017. Prior to joining us, Mr. Yeung was an executive director of the China Technology, Media and Communications and Investment Banking Division of J.P. Morgan Securities (Asia Pacific) Limited and worked in Hong Kong for nearly a decade. Yeung is currently an independent director of New Oxygen Technology Limited and an independent non-executive director of Vision Limited. Yeung holds a Master's degree in Business Administration from The University of Hong Kong and a Bachelor's degree in Economics and Mathematics from Wesleyan University. Yeung is a certified public accountant in Michigan and Hong Kong.

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