Internet and online games giant NetEase on Thursday released its unaudited financial results for the fourth quarter and the fiscal year ended Dec. 31, 2018, reporting substantial year-on-year growth in e-commerce and gaming revenue.

NetEase recorded net revenues of close to RMB 20 billion (around $3 billion) in the fourth quarter of 2018, increasing by almost 36% year-on-year. Within that RMB 20 billion, close to RMB 7 billion was from e-commerce, and around RMB 11 billion was from online game services, a 43.5% and 37.7% increase respectively compared to the same period a year earlier. The total net revenues of the company in 2018 increased 24% year-on-year to more than RMB 67 billion.

The growth in NetEase’s e-commerce revenue came from its e-commerce site Kaola and Yanxuan, both of which saw rapid growth in the past year. Kaola, the largest cross-border retail e-commerce platform in China, is reportedly in talks to merge with the cross-border retail business of Amazon to further expand.

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Tony Xu

Tony Xu is Shanghai-based tech reporter. Connect with him via e-mail: tony.xu@technode.com