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NetEase sees Q2 2021 profits rise 14% to $1.7 billion

Prepped to launch Harry Potter and The Lord of the Rings IP
NetEase sees Q2 2021 profits rise 14% to $1.7 billion
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Chinese tech conglomerate NetEase has revealed its Q2 2021 financials, for the three months ending June 30th, 2021.

Revenue was up 13 per cent year-on-year to $3.2 billion (RMB20.5 billion) while gross profit saw an increase of 14 per cent to $1.7 billion (RMB11.2 billion).

NetEase is one of the leading providers of internet and online game services in China. The majority of the company’s revenue comes from its online game services, which generated $2.3 billion for the quarter, an increase of 5.1 per cent year-on-year.

The increase in revenue was attributed to several factors, such as an expanded user base and diversified portfolio including Nakara: Bladepoint, Marvel Super War and Infinite Lagrange.

The company cited the continued success of its flagship titles, Fantasy Westward Journey and the Westward Journey Online series as contributors to revenue growth.

Additionally, the company highlighted its pipeline of titles including Nightmare Breaker, Diablo Immortal, and Ghost World Chronicle.

"Robust pipeline of new titles"

"Our businesses continued to thrive in the second quarter generating total net revenues of RMB20.5 billion, growing 12.9 per cent year-over-year," said Netease CEO and director William Ding.

"Our existing games grew steadily despite a high base last year, and we are excited about our robust pipeline of new titles that build on our leading game roster. We kicked off our game-release schedule for the second half of the year with several gripping new hits such as Naraka: Bladepoint, capturing wide interest from passionate game players globally.


"With confirmed plans to release the game Harry Potter: Magic Awakened on September 9, we are eager to introduce more amazing titles later this year. In addition, we continue to boost our content ecosystem and bring innovative product additions to NetEase Cloud Music strengthening its highly engaged music-centric community."

NetEase has two games based on Western IP scheduled to launch this September, both in collaboration with Warner Bros. Harry Potter: Magic Awakened will be released exclusively in China on September 9th, whereas The Lord of the Rings: Rise to War will launch globally on September 23rd.