Netease Released Third Quarter Earnings: Sales Of Koala Net Profit Increased By 74% Over The Same Period Last Year
On November 22nd, NetEase released its Q3 earnings report in 2019. According to the earnings report, NetEase's net income was 14 billion 640 million yuan, an increase of 11% over the same period last year. Due to the sale of NetEase koala, based on non US GAAP, net profit of continuing operations was 4 billion 730 million yuan, an increase of 74% over the same period last year.
NetEase CEO Ding Lei said: "this season is of great significance for NetEase. Our performance has achieved steady growth, and business lines continue to create value for shareholders. Net income increased by about 11% compared with the same period last year. Net profit attributable to shareholders under non US general accounting standards increased by about 74% over the same period last year.
According to relevant media, starting from the third quarter of 2019, NetEase's earnings information will be adjusted to online game services, Youdao, innovation and other businesses. Among them, the net income of online game services was 11 billion 535 million yuan, an increase of 11.5% over the same period last year. The net income was 346 million yuan, an increase of 98.4% over the same period last year. The net income of innovation and other businesses was 2 billion 755 million yuan, an increase of 4.5% over the same period last year.
After selling NetEase koala, NetEase became a NetEase brand. In the latest earnings report, NetEase's original electricity supplier and advertising business have been incorporated into innovation and other business segments.
According to the financial report, NetEase has strictly selected 9.9 yuan worth area since its mid July. At present, its new users, conversion rate and purchase rate are all higher than the average 2-3 times. In October, NetEase strictly selected the offline shop in Shanghai, and made significant progress after last year's offline store in Hangzhou.
NetEase said that offline business will become an important part of NetEase's strict channel selection strategy. It will open more offline brand stores in the second tier cities of Hangzhou, Shanghai, Shenzhen and Chengdu.
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