Earnings: NetEase Profit Jumps On China Gaming Boom

NetEase, one of the big Chinese Net portal players, reported a sharp rise in Q2 profit on a boom in its core online gaming business.

It has profits of $29.3 million up from its profit of $11.9 million a year earlier. Total revenue grew 90.2 percent to $50.4 million from $26.5 million. Its wireless services continued to face intense competition, causing revenue from that part of the business to decrease slightly to $2.4 million in Q2. Such revenue, once one of the company’s most important streams, now accounts for just 5 percent of the total.

For Q3, its net profit is expected to grow about 14 percent, and revenues to grow 17 percent.

More details here in release

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