NetEase had a successful fourth quarter with $3 billion in net revenue

"We maintained steady development across our primary businesses"

NetEase had a successful fourth quarter with $3 billion in net revenue

Chinese tech giant NetEase experienced a great fourth quarter in 2020 as it grossed net revenues of ¥19.8 billion ($3 billion).

The impressive figure represents a growth rate of 25.6 per cent year-on-year. Of the net revenue total, online game services accounted for ¥13.4 billion ($2.1 billion), an increase of 15.5 per cent year-on-year.

Meanwhile, gross profit for Q4 2020 reached ¥9.9 billion ($1.5 billion), having grown 20.9 per cent from the previous year.

A number of mobile titles have been cited as a driving force behind the successful quarter, including Fantasy Westward Journey and Westward Journey Online.

Meanwhile, Knives Out proved popular in Japan as it topped the iOS charts on several occasions.

Great quarter

"We maintained steady development across our primary businesses, with total net revenues of RMB19.8 billion in the fourth quarter, up 25.6% year-over-year," said NetEase CEO and director William Ding.

"Our online games business continued its strong performance during 2020, propelled by the sustained and growing popularity of our diversified titles. At the beginning of 2021, we launched Revelation mobile game, which gave us a wonderful start to the first quarter.

We are also very excited to introduce a number of other new titles later this year, paving the way for our solid growth in 2021.

Ding continued: "2020 was a challenging year for many businesses around the world. Our ability to weather these obstacles and grow each of our online games, online education, music and e-commerce businesses speaks to the strength of our model, which is centred around content creation and user experience.

"We are committed to generating even more value for our shareholders and communities through our dedication to innovation that thrills our users, diversification and international expansion that drive our revenue streams, and high-quality products and services that are synonymous with the NetEase brand."

Staff Writer

Kayleigh is the Staff Writer for Besides PGbiz and PCGI she has written as a list writer for Game Rant, rambling about any and all things games related. You can also find her on Twitter talking utter nonsense.