On May 23rd, NetEase submitted its first quarter financial report for 2024.
The financial report shows that in the first quarter of this year, NetEase's revenue increased by 7.2% year-on-year to 26.9 billion yuan, and the net profit attributable to the company's shareholders under non GAAP accounting standards was 8.5 billion yuan.
Among them, games and related value-added services still hold the banner of NetEase's revenue. The revenue from games and related value-added services in the first quarter was 21.5 billion yuan, a year-on-year increase of 7%, mainly due to the record high revenue from long-term products such as "Fantasy Westward Journey" mobile game and "The Fifth Personality"; Youdao's revenue was 1.4 billion yuan, a year-on-year increase of 19.7%; Cloud music revenue was 2 billion yuan, an increase of 3.6% year-on-year; The net income from innovation and other businesses was 2 billion yuan, a year-on-year increase of 6.1%.
In terms of gaming business, net revenue from online games accounted for 95.2% of gaming and related value-added service revenue in the first quarter of this year, with 93.4% and 92.7% respectively in the previous quarter and the same period last year; Revenue from mobile games accounted for 78.6% of the net revenue from online games, with 76.7% and 72.3% in the previous quarter and the same period last year, respectively.
NetEase Games released more than ten new products at the 520 press conference, covering martial arts, cards, shooting There are multiple types of VR, including adaptations of IPs such as Marvel, Lord of the Rings, Crossroads Traveler, and Jiuji, as well as multiple new shooting games. Among them, the highly anticipated "Yan Yun Sixteen Sounds" national server is scheduled to take the lead in public beta testing on July 26th; In the first two weeks of testing, the mobile game "Eternal Sorrow" added millions of new reservations, and after testing, the total online reservation volume exceeded 25 million.
In addition, as major companies are accelerating their layout in the field of artificial intelligence, NetEase is also continuously investing heavily. As of the first quarter, the company's R&D investment intensity exceeded 15% for seven consecutive quarters, The AI big model is deeply integrated into industries such as gaming, education, music, and industry. For example, self-developed AI tools have served over a hundred game products, and NetEase Youdao's AI subscription service sales have increased by 140% year-on-year.