NetEase Q2 Profit Down, Revenues Rise; Approves Dividend; Stock Down In Pre-market

(RTTNews) - NetEase, Inc. (NTES), a Chinese internet and game services provider, reported Thursday weak profit in its second quarter, despite higher revenues.

Further, the board of directors has approved a dividend of $0.087 per share or $0.4350 per ADS for the second quarter. The payment date is expected to be September 17 for holders of ordinary shares and on or around September 20 for holders of ADSs.

In pre-market activity on the Nasdaq, NetEase shares were losing around 5.8 percent to trade at $87.26.

For the second quarter, net income attributable to shareholders totaled RMB6.8 billion or $930.0 million, lower than last year's RMB8.2 billion.

NetEase reported basic net income of $0.29 per share or $1.45 per ADS, down from $0.35 per share or $1.76 per ADS in the prior year.

Adjusted net income attributable was RMB7.8 billion or $1.1 billion, compared to RMB9.0 billion a year ago. Adjusted basic net income was $0.33 per share or $1.67 per ADS, compared to prior year's $0.39 per share or $1.93 per ADS.

Net revenues were RMB25.5 billion or $3.5 billion, an increase of 6.1 percent from prior year's RMB24.0 billion.

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