Chinese Videogame Giant NetEase’s Profit Falls on Weaker Gaming Revenue
Chinese videogame giant NetEase posted lower net profit and revenue in the third quarter amid gaming-segment weakness and a high base last year.U.S.-listed shares of NetEase gained 3.6% in premarket trading.Net profit dropped 17% to 6.54 billion yuan, equivalent to $905.3 million, NetEase said Thursday, missing the 7.45 billion yuan estimate from a FactSet poll of analysts. That marked its second consecutive quarter of net profit decline as its main gaming segment faced some headwinds.The Hangzh