NetEase Published Q2 2020 Results, Gross Profit Up 26%
Online game service net revenue was up 25.9% year-on-year, while education arm Youdao's net revenue was up 190% year-on-year.
On August 13, Netease Inc., one of China's leading internet and online game services providers, announced its unaudited financial results for the second quarter ending June 30, 2020.
According to the report, its net revenues were CNY18.2 billion(USD 2.6 billion), a year-on-year increase of 25.9%. NetEase's core business – online game services – was at CNY13.8 billion (USD 2.0 billion), a year-on-year increase of 20.9%. Gross profit was CNY 9.8 billion (USD 1.4 billion), a year-on-year increase of 26.6%.
NetEase's mobile game 'Onmyoji' achieved China's highest income for such a product in 2019. Blizzard Entertainment's World of Warcraft continued its popularity in China, achieving a record number of peak concurrent users in the first half of this year.
NetEase's education arm Youdao net revenues reached CNY 520.1 million (USD 73.6 million), up 190% year-over-year.
NetEase Cloud Music growth remains robust in net revenues, from both membership and live streaming; it secured a multi-year licensing agreement with Universal Music Group.