NetEase's revenue in the first quarter of 2023 was 25 billion yuan, up 5.9% from the same period last year.

Thank you, Mr. Air, a netizen of CTOnews.com, for your clue delivery! CTOnews.com May 25 news, NetEase today released unaudited results for the first quarter of 2023. NetEase's first-quarter revenue was 25 billion yuan, an increase of 6.3% over the same period last year, with an estimated 24.81 billion yuan; net income from online game services in the first quarter was 20.07 billion yuan, an increase of 7.6% over the same period last year; net profit was 6.8 billion yuan, with a gross profit of 14.9 billion yuan.

The main financial results for the first quarter of 2023 are as follows:

Net income was 25 billion yuan ($3.6 billion), up 6.3% from a year earlier.

Net income from games and related value-added services was 20.1 billion yuan ($2.9 billion), up 7.6% from a year earlier.

Youdao's net income was 1.2 billion yuan ($169.4 million), down 3.1% from a year earlier.

Cloud Music's net income was 2 billion yuan ($285.4 million), down 5.2% from a year earlier.

Net income from innovation and other businesses was 1.9 billion yuan ($270.5 million), up 12.8% from a year earlier.

Gross profit was 14.9 billion yuan ($2.2 billion), up 16.0% from a year earlier.

Operating expenses totaled 7.7 billion yuan ($1.1 billion), up 4.7% from a year earlier.

NetEase said that the month-on-month increase in gross profit of games and related value-added services was mainly due to the increase in online game revenue, such as "egg parties", as well as the one-time recognition of copyright fees for a number of agency games in operating costs in the previous quarter. Its year-on-year growth is mainly due to an increase in online game revenue, such as the "egg party" launched in May 2022.

Youdao's gross profit decreased month-on-month, mainly due to a decrease in net revenue from smart hardware due to seasonal factors and the adverse impact of the epidemic in the current quarter. The year-on-year decline is mainly due to a decrease in net income from learning services.

Cloud Music gross profit month-on-month and year-on-year growth are mainly due to the continuous improvement in cost control.

The gross profit of innovation and other businesses decreased month-on-month, mainly affected by seasonal factors, and the net income of strictly selected e-commerce and advertising business decreased. Its year-on-year growth is mainly due to the increase in net income of Yan Xuan e-commerce.