NetEase (NTES; 9999.HK) released its financial results for the fourth quarter and full year ending December 31, 2024. The company reported a net revenue of 267 billion yuan for Q4, a 1.4% decrease year-over-year. The net profit attributable to shareholders was 88 billion yuan, compared to 65 billion yuan in the previous quarter and 66 billion yuan in the same period last year. Excluding non-GAAP measures, the net profit was 97 billion yuan, up from 75 billion yuan in the previous quarter and 74 billion yuan last year.
For the entire year of 2024, NetEase achieved a net revenue of 1,053 billion yuan, up from 1,035 billion yuan in 2023. The net profit attributable to shareholders was 297 billion yuan, a slight increase from 294 billion yuan in 2023. On a non-GAAP basis, the net profit was 335 billion yuan, compared to 326 billion yuan the previous year.
In Q4, the breakdown of net revenue includes 212 billion yuan from games and related value-added services, marking a 1.5% year-over-year increase. NetEase Youdao contributed 13 billion yuan, a decline of 9.5%. Cloud music services generated 19 billion yuan, down 5.3%, while innovative and other businesses brought in 23 billion yuan, a decrease of 17%.
