NetEase overseas gaming, e-commerce businesses offset regulatory squeeze

NetEase recorded strong first quarter results with substantial year-on-year increases in net revenues and gross profit, tempering lower gaming growth at home with overseas market earnings, particularly Japan.

Driven by strong performance in online game services and e-commerce, gross profit also jumped by nearly 36% year on year to RMB 8 billion, continuing growth from the previous quarter.

Net revenues grew close to 30% year-on-year to RMB 18.36 billion ($2.74 billion), driven by increased online game service and e-commerce revenues and beating analyst estimates by a notable margin.

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