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- NetEase, Inc NTES reported fourth-quarter FY22 revenue growth of 4% year-on-year to $3.68 billion, marginally missing the consensus of $3.70 billion.
- Segments and margins: Games and related value-added services revenues grew 1.6% Y/Y to $2.8 billion. The corresponding gross margin declined by 180 bps to 59.1%.
- Youdao, Inc's DAO revenue rose 9% Y/Y to $210.8 million, and the corresponding gross margin increased by 260 bps to 53.3%.
- Also Read: Activision Blizzard Fails To Renew Gaming License With NetEase; Explores Other Alternatives To Tap Biggest Gaming Market
- Cloud Music's revenues were $344.5 million, up 25.8% Y/Y, and its gross margin expanded by 1,370 bps to 17.8%.
- Innovative businesses and other revenue rose 3.4% Y/Y to $353.5 million, and the gross margin rose by 100 bps to 31.5%.
- Non-GAAP net income from continuing operations per ADS of $1.07 missed the consensus of $1.17.
- NetEase held $13.9 billion in cash and equivalents and generated $1.3 billion in operating cash flow.
- Dividend: The board approved a dividend of $0.2700 per ADS for Q4 versus $0.4350 in Q3 ($0.405 per ADS in Q4 FY21).
- China's video games regulator approved 87 new video games for February, including titles under Tencent Holding Ltd TCEHY, Alibaba Group Holding Limited BABA, and NetEase.
- Price Action: NTES shares traded lower by 1.03% at $85.16 in premarket on the last check Thursday.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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