Major Chinese gaming firm NetEase reported RMB 23.2 billion ($3.5 billion) in revenue in the second quarter of 2022 on Thursday, marking a 12.8% yearly growth and surpassing Wall Street estimates of $3.4 billion. Net income is RMB 5.3 billion for the second quarter of 2022, a 49.4% growth from last year. Net revenues from games and related value-added services saw a 15% yearly increase to RMB 18.1 billion in the same period. PC and console games comprised a third of this revenue, while mobile games made up the other two thirds. “The growth was primarily due to increased revenue contribution from the launch of new games, such as NARAKA: Bladepoint, Harry Potter: Magic Awakened, and other exciting games such as Fantasy Westward Journey Online,” said Charles Yang, CFO of NetEase. The company’s Cloud Music arm saw 29.5% year-on-year growth with RMB 2.2 billion in revenue in the second quarter of 2022. Cloud Music also saw a relatively large growth in its gross profit margin from last year’s 4.1% to 13% in this year’s second quarter due to “strong top line growth, as well as the improved efficiency of our content investment,” according to Yang. [NetEase, press release]
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