NetEase reports $3.4 billion revenue in Q3 as Cloud Music continues to grow

NetEase reports $3.4 billion revenue in Q3 as Cloud Music continues to grow thumbnail

Leading Chinese tech firm NetEase on Thursday reported a 10.1% year-on-year revenue growth to RMB 24.4 billion ($3.4 billion) in the third quarter of 2022. Revenue from games and related value-added services came to RMB 18.7 billion, a 9.1% yearly increase. NetEase’s Cloud Music service saw a relatively strong growth of 22.5% to RMB 2.4 billion, compared to the third quarter of 2021. Net income attributable to the company’s shareholders doubled from the same period last year to RMB 6.7 billion. NetEase also confirmed in its financial report that its licensing agreement with Blizzard Entertainment will expire in January 2023 and will not be renewed, however the company noted that these titles only contribute “single digits” as a percentage of the firm’s total net revenue. In addition, rival companies may find it difficult to replace NetEase as a Blizzard partner as any new deal would require new licensing approvals from China’s regulator. [NetEase, press release]

Read More

Learn More: technology clipart,technology student association,technology management,technology readiness level,technology acceptance model,technology gif,technology transfer,technology consultant,technology package,technology addiction awareness scholarship,is technology good or bad,technology networks,technology movies,technology gap,technology jokes,is technology limiting creativity,technology leadership,technology drive,technology zero,technology help,technology 100 years ago,technology project manager,technology house,technology unlimited,technology background images,technology readiness level dod,g technology ssd,technology economics definition,technology obsolescence,is technology science,technology life cycle

READ:  Comment: YouTube Music needs a more consistent UI, and carousel pinning is the answer

Leave a Reply

Your email address will not be published. Required fields are marked *