Earnings: Netease Q1 Revs Up 17 Percent; Net Income Drops On Tax Change
By Joseph Weisenthal - Thu 22 May 2008 05:10 AM PST
Maturing MMO gamer Netease (NSDQ: NTES) isn’t quite showing the lights-out growth of some of its Chinese internet peers. The company announced Q1 revenue of $93 million, a 17 percent year-over-year increase from $79.1 million. Net profit actually fell to $38.4 million from $43 million, although the company says it was hit with a higher tax rate, the result of a new regulation pertaining to foreign-invested companies. Core online gaming revenue was up 15 percent, while advertising revenue grew 37.5 percent—that’s still a small part of the business at just $11 million.
Posted in: Countries, Asia, China, Entertainment, Gaming, Money, Earnings
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