TECH China's internet giant NetEase sees robust growth in Q3

TECH

China's internet giant NetEase sees robust growth in Q3

Xinhua

06:49, November 20, 2020

Chinese internet giant NetEase Inc. posted net revenue of 18.66 billion yuan (about 2.83 billion U.S. dollars) in the third quarter (Q3) of the year, up 27.5 percent year on year.

Photo: CFP

The firm earned a net profit of 3 billion yuan in the third quarter, according to the quarterly financial report released by the company on Thursday.

The company's net profit attributable to shareholders of listed companies during the period came in at 3.67 billion yuan.

In Q3, NetEase's online gaming business reported a 20.2 percent year-on-year growth to 13.86 billion yuan, marking the quarterly revenue surpassing 10 billion yuan for ten consecutive quarters.

Youdao, an intelligent learning firm under NetEase, saw the strongest increase during the period. Its online learning services and products posted a year-on-year rise of 239.1 percent in net revenue.

NetEase has continued to explore sustainable growth in sectors of online learning service, music, gaming, and shopping, said Ding Lei, CEO of NetEase.

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