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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Activision Blizzard Inc | NASDAQ:ATVI | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 94.42 | 104.01 | 94.42 | 0 | 01:00:00 |
By Maria Armental
Chinese gaming and Internet giant NetEase Inc.'s first-quarter profit rose 13% as revenue surged, driven by online games and related content.
The company's American Depositary Shares, up 82% over the past 12 months, rose 4% in late trading to $135.40, topping the 52-week-high of $131.52 set earlier Wednesday during regular trading.
NetEase, which generates the bulk of its revenue from videogames, operates Activision Blizzard Inc.'s gaming platform battle.net along with "World of Warcraft" and other franchises in China. Last year, China surpassed the U.S. as the world's largest online retail sales market by dollars spent, according to U.S. and Chinese government data.
In February, NetEase set up a base of operations in Redwood Shores, Calif., to focus on mobile games for Western audiences. The team's planned first release, "Speedy Ninja," is a sequel to "Ninja Must Die," adapted for Western audiences, the company said.
At the same time, the Beijing company has been expanding operations, building on China's thriving mobile and e-commerce markets. It has launched an online payment platform and a cross-border e-commerce platform, Kaola.com. On Thursday, company officials said Kaola has performed well so far and they plan to add more products to the site.
For the most recent period, NetEase posted a profit of 1.26 billion yuan ($204 million), or 9.60 yuan an ADS, up from 1.12 billion yuan, or 8.63 yuan an ADS, a year earlier. Excluding stock-based compensation, the profit was 10.81 yuan an ADS, compared with 9.04 yuan an ADS a year earlier.
Net revenue jumped nearly 55% to 3.66 billion yuan.
Analysts surveyed by Thomson Reuters were expecting a profit of 8.69 yuan an ADS on revenue of 3.2 billion yuan.
Revenue from online games rose 44%, while advertising revenue rose 36%; and revenue from its email, e-commerce and other services segment surged to 448.4 million yuan from 118.6 million yuan a year earlier.
Operating expenses more than doubled to 1.17 billion yuan in the latest period, as the company continued to invest in marketing and hired more workers.
Dollar conversions were based on the noon buying rates specified by the Federal Reserve on March 31.
Write to Maria Armental at maria.armental@wsj.com
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