NetEase generated $3.6 billion in revenue in 2023’s first quarter

Gaming proved to be the company’s top performer, with mobile leading the charge

NetEase generated $3.6 billion in revenue in 2023’s first quarter

NetEase generated 25 billion yuan ($3.6 billion) in revenue in the first quarter of 2023, representing a 6.3% year-on-year increase from 23.6 billion yuan ($3.3 billion).

The company’s latest financial report examines the company’s performance over the period, with games and related value-added services leading the charge. The sector generated 20.1 billion yuan ($2.9 billion), compared to 18.6 billion yuan ($2.9 billion) in the first quarter of 2022, representing an increase of 7.6%.

“We are off to a good start in 2023 with a stellar performance from our games portfolio, which drove our total net revenues to RMB25.0 billion in the first quarter, up more than 6% year-over-year,” said CEO and director William Ding. “Our flagship games have consistently captivated and engaged our devoted players, while new games like Eggy Party further broaden our appeal and bring new player groups into our community. Looking at the rest of the year, we are excited to unleash several highly anticipated games, which span a variety of genres and geographies.

“Our primary focus remains on developing games that resonate with diverse demographics, and we’re committed to delivering even more exceptional, high-quality games to our global player base.”

Mobile is on the rise

Once again, the bulk of NetEase’s gaming revenue came from its mobile interests, which accounted for 14.5 billion yuan ($2 billion) - a full 72.3% of the total revenue generated from the operation of online games, compared to 66.4% in Q4 2022 and 66.9% in Q1 2022.

This positive financial report follows a year which saw NetEase struggle to adapt to volatile market conditions, regulatory changes in its native China, and the high-profile break-up of its long-standing licensing agreement with Blizzard. However, it continues to be one of the biggest players in mobile gaming. Despite this continued success, the company has recently been branching out into other platforms to maximise revenue streams, introducing its newest multi-platform studio, Bad Brain, earlier this week.

We listed NetEase as the top mobile game maker of 2022.


Staff Writer

Lewis Rees is a journalist, author, and escape room enthusiast based in South Wales. He got his degree in Film and Video from the University of Glamorgan. He's been a gamer all his life.