http://finance.yahoo.com/news/netease-shares-rise-strong-results-155046961.html
(Reuters) - Shares of China-based internet company NetEase Inc (NSQ:NTES - News) rose as much as 8 percent after it posted quarterly results above analysts' estimates, helped by strong demand for its online games.
Online gaming revenue rose 31 percent in the first quarter to $289.2 million, the company said on Wednesday.
NetEase, which develops and licenses online games, also said it would start beta testing four new games in the second quarter.
Analysts at Macquarie Equities Research believe the new games would compete with Chinese rival Tencent Holdings Ltd's <0700.HK> most popular games like "DNF", "League of Legends", and "Blade and Soul".
The brokerage, which raised its price target on NetEase stock to $65 from $55, expects strong momentum in gaming to continue for the rest of the year. Lazard too raised its price target on the stock to $70 from $58, and maintained its "buy" rating.
Earnings for the first quarter were $149.5 million, or $1.14 per American Depository Share, on revenue of $318.2 million.
Analysts were expecting earnings of $1.05 per share on revenue of $310.4 million, according to Thomson Reuters I/B/E/S.
Shares of NetEase were up 3 percent at $60.55 on Thursday on the Nasdaq.
Give your kids enough money to do something, but not enough to do nothing.
Recent NTES News
- Cloud Music Inc. Adds Expansive K-Pop Portfolio with JYP Entertainment Agreement • PR Newswire (US) • 04/30/2024 01:00:00 AM
- NetEase, Inc. Announces Filing of Annual Report on Form 20-F for Fiscal Year 2023 and Publication of 2023 Environmental, Social and Governance Report • PR Newswire (US) • 04/25/2024 10:20:00 AM
- Pixelworks Brings New Mobile Gaming Experience to "Diablo Immortal", a Co-developed Game by Blizzard Entertainment and NetEase • PR Newswire (US) • 04/11/2024 01:00:00 AM
- Delta Generates US$37 Million Profit in Q1, Google and Intel Unveil Cutting-Edge AI Chips, and More News • IH Market News • 04/10/2024 11:13:48 AM
- NetEase Experts Spotlight Cutting-Edge Game Technology at GDC 2024 • PR Newswire (US) • 03/18/2024 11:00:00 AM
- Cloud Music Inc. Reports Fiscal Year 2023 Financial Results • PR Newswire (US) • 02/29/2024 08:50:00 AM
- NetEase Announces Fourth Quarter and Fiscal Year 2023 Unaudited Financial Results • PR Newswire (US) • 02/29/2024 08:30:00 AM
- Goldman Sachs Reconsiders Fed Cuts, LUNR Surges Over 40% in Pre-Market, and More • IH Market News • 02/23/2024 01:03:59 PM
- Cloud Music Inc. to Report Fiscal Year 2023 Financial Results on February 29, 2024 • PR Newswire (US) • 02/07/2024 08:45:00 AM
- NetEase to Report Fourth Quarter and Fiscal Year 2023 Financial Results on February 29 • PR Newswire (US) • 02/07/2024 08:30:00 AM
- Wall Street Highlights: Apple Appeals Watch Ban, Tesla to Launch Updated Model Y, and More • IH Market News • 12/27/2023 11:08:22 AM
- Correction to Global Gaming Stocks Article • Dow Jones News • 12/22/2023 12:32:00 PM
- Global Gaming Shares Dive After China Proposes Online-Gaming Curbs -- 2nd Update • Dow Jones News • 12/22/2023 12:13:00 PM
- Global Gaming Shares Fall After Draft China Rules Released -- Update • Dow Jones News • 12/22/2023 10:28:00 AM
- Moody’s Reassesses China, GitLab Exceeds Estimates, Twilio Plans Major Layoffs, and More • IH Market News • 12/05/2023 11:25:58 AM
- Thursday’s Wall Street Highlights: Intel, Toyota, Catalent, Palo Alto Networks, Cisco, and more • IH Market News • 11/16/2023 12:22:22 PM
- Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16] • Edgar (US Regulatory) • 11/16/2023 11:02:05 AM
- NetEase Announces Third Quarter 2023 Unaudited Financial Results • PR Newswire (US) • 11/16/2023 08:38:00 AM
- Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16] • Edgar (US Regulatory) • 10/26/2023 10:04:35 AM
- NetEase to Report Third Quarter 2023 Financial Results on November 16 • PR Newswire (US) • 10/26/2023 08:30:00 AM
- NetEase Cloud Music Takes the Stage at ADE 2023: Debut as Speaker on China's Dance Music Trends • PR Newswire (US) • 10/20/2023 12:10:00 PM
- Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16] • Edgar (US Regulatory) • 09/11/2023 10:04:36 AM
- Thursday’s Wall Street Highlights: Boeing, Nvidia, Guess, J&J, GM, and more • IH Market News • 08/24/2023 11:12:12 AM
- Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16] • Edgar (US Regulatory) • 08/24/2023 10:14:59 AM
- Cloud Music Inc. Reports First Half 2023 Financial Results • PR Newswire (US) • 08/24/2023 08:58:00 AM
NanoViricides Reports that the Phase I NV-387 Clinical Trial is Completed Successfully and Data Lock is Expected Soon • NNVC • May 2, 2024 10:07 AM
ILUS Files Form 10-K and Provides Shareholder Update • ILUS • May 2, 2024 8:52 AM
Avant Technologies Names New CEO Following Acquisition of Healthcare Technology and Data Integration Firm • AVAI • May 2, 2024 8:00 AM
Bantec Engaged in a Letter of Intent to Acquire a Small New Jersey Based Manufacturing Company • BANT • May 1, 2024 10:00 AM
Cannabix Technologies to Deliver Breath Logix Alcohol Screening Device to Australia • BLO • Apr 30, 2024 8:53 AM
Hydromer, Inc. Reports Preliminary Unaudited Financial Results for First Quarter 2024 • HYDI • Apr 29, 2024 9:10 AM