Netease’s FVE Maintained at $344 per ADR; New Games Will Contribute to Revenue in Coming Quarters
Narrow-moat Netease’s first quarter missed our expectations due to higher-than-expected expenses associated with staff and marketing for games. Revenue was up only 4% year over year, helped by the fast-growing e-commerce business, and down 3% sequentially as a result of weak seasonality in the e-commerce business. Operating margin declined to 8.5% in the quarter from 9.8% in the fourth quarter and 35.0% in the prior-year period, mainly attributed by operating expenses associated with additional ...
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