Chinese tech conglomerate NetEase has reported its Q4 and full-year financial results for the period ending December 31, 2021.
For its fourth quarter, NetEase reported net revenues of $3.8 billion, an increase of 23.3 per cent year-over-year. Gross profit for the quarter rose 30.8 per cent to $2 billion.
Of this amount, mobile games accounted for 68.3 per cent of net revenues for the fourth quarter, roughly $2.6 billion.
For the full fiscal year, NetEase reported a revenue increase of approximately 19 per cent, reaching $13.75 billion. Gross profit for the full year increase by approximately 20.5 per cent to $7.37 billion.
Mobile games revenue accounted for approximately 70.4 per cent of the overall yearly revenue, roughly $9.6 billion. The firm attributed the sharp revenue increase to its newly released titles, such as Harry Potter: Magic Awakened and Revelation, as well consumer spending from existing titles, including Fantasy Westward Journey.
"2021 was a fruitful year with exciting new titles and steady development that propelled growth across our business," said NetEase director and CEO William Ding.
"We closed the year with total net revenues of RMB24.4 billion in the fourth quarter, up 23.3 per cent year-over-year. While our flagship titles remain strong, we also introduced a number of highly successful games, including Naraka: Bladepoint and Harry Potter: Magic Awakened.
"These new titles further strengthen our portfolio and demonstrate our ability to develop world-class IP. For 2022, we are very excited to introduce more new games to broader demographics, paving the way for solid growth."
Following the success of Harry Potter: Magic Awakened, NetEase revealed earlier this month that the game will be launched worldwide, with pre-registrations open in Europe, North America, and Oceania.