{"id":167008,"date":"2022-11-17T22:17:30","date_gmt":"2022-11-17T22:17:30","guid":{"rendered":"https:\/\/precoinnews.com\/?p=167008"},"modified":"2022-11-17T22:17:30","modified_gmt":"2022-11-17T22:17:30","slug":"netease-q3-results-climb-plans-5-bln-share-buyback-to-end-deal-with-blizzard-stock-dips","status":"publish","type":"post","link":"https:\/\/precoinnews.com\/economy\/netease-q3-results-climb-plans-5-bln-share-buyback-to-end-deal-with-blizzard-stock-dips\/","title":{"rendered":"NetEase Q3 Results Climb, Plans $5 Bln Share Buyback; To End Deal With Blizzard; Stock Dips"},"content":{"rendered":"
NetEase, Inc. (NTES), a Chinese internet and online game services provider, on Thursday reported higher profit and revenues in its third quarter. The Board further approved a dividend and up to $5 billion share repurchase. As announced earlier, the company is also not renewing licenses with Blizzard Entertainment in China, which will expire in January.<\/p>\n
In the third quarter, net income attributable to the shareholders climbed to RMB6.70 billion or $941.78 million from last year’s RMB3.18 billion.<\/p>\n
Basic net income per share was $0.29 or $1.44 per ADS, compared to $0.13 per share or $0.67 per ADS a year ago.<\/p>\n
Adjusted net income totaled RMB7.47 billion or $1.05 billion, compared to RMB3.86 billion last year.<\/p>\n
Adjusted basic net income per share was $0.32 or $1.61 per ADS, compared to $0.16 per share or $0.82 per ADS in the prior year.<\/p>\n
Net revenues were RMB24.4 billion or $3.4 billion, an increase of 10.1 percent from prior year’s RMB22.19 billion.<\/p>\n
Further, the board of directors has approved a dividend of $0.0870 per share or $0.4350 per ADS for the third quarter of 2022.<\/p>\n
The company also announced that its board has approved a new share repurchase program of up to $5.0 billion of the Company’s ADSs and ordinary shares in open market transactions.<\/p>\n
As previously disclosed, NetEase said its certain licensing agreements covering the publication of several Blizzard titles in Chinese mainland will expire in January 2023 and will not be renewed. <\/p>\n
In Hong Kong, NetEase shares declined 9.1 percent to trade at HK$103.50. <\/p>\n