Why NetEase Stock Plunged Today
Shares of Chinese internet and online-gaming company NetEase (NASDAQ: NTES) slumped on Thursday following a mixed second-quarter report. Revenue surged, but a profit shortfall and an analyst downgrade weighed on the stock. Shares of NetEase were down about 9% at 12:45 p.m. EDT.
NetEase reported second-quarter revenue of $2.0 billion, up 49.4% year over year. Online game services revenue soared 46.5% to $1.4 billion, while email, e-commerce, and other revenue rose 68.9% to $494 million.
Advertising revenue increased 12.1% to $87.9 million. CEO William Ding explained that online games are the company's biggest opportunity:
Source: Fool.com
Netease Inc. ADR Stock
€85.50
-3.390%
Netease Inc. ADR is currently one of the favorites of our community with 11 Buy predictions and no Sell predictions.
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