NetEase's Gaming Division Thrives with Record Revenue in 2024 Q3
2024-11-24
NetEase, a prominent technology company, conducted its 2024 Third Quarter Earnings Conference Call to review the company's financial results and strategic endeavors. The call featured key figures such as Bill Pang, Lincoln Kong, Xueqing Zhang, Ritchie Sun, Felix Liu, and Alicis a Yap, who commenced the session with precautionary remarks concerning forward-looking statements and the utilization of non-GAAP financial metrics.
In the third quarter of 2024, NetEase accomplished a total net revenue of RMB 26.2 billion, showcasing a robust performance in its Gaming division. Notably, the Gaming segment experienced substantial growth, with total online games net revenue amounting to approximately RMB 20 billion. Established franchises like Westward Journey and Westward Journey Online sustained their strong performance, propelled by new chapters and updates that bolstered user engagement.
Moreover, Racing Master commemorated its first anniversary by introducing legendary car models and new maps, while Justice Mobile marked its one-year milestone by pushing boundaries within the MMO realm. NetEase's strategic emphasis on global expansion was evident through initiatives such as the upcoming global release of Marvel Rivals and successful market entries in regions like Japan.
Financially, the company achieved enhanced profitability in the third quarter, notably marked by Youdao's inaugural profitable quarter. NetEase Cloud Music also experienced revenue growth, attributed to smart devices and educational services. The company's dedication to enriching user engagement and brand value through platforms like Yanxuan, alongside innovative monetization approaches, was underscored during the conference.
Looking forward, NetEase unveiled exciting plans for new game launches, including Where Winds Meet and Frostpunk, alongside continued support for flagship titles like World of Warcraft and Hearthstone. The company's steadfast commitment to innovation, global expansion, and delivering unparalleled gaming experiences positions it favorably for sustained success within the dynamic technology and gaming industry.