NetEase Cloud Music at 3-year peak after strong yearly profit growth

NetEase

21/02/2025 05:43

** Shares of NetEase Cloud Music  9899.HK  jump 21.1% to
HK$175.1, their highest since December 2021, and on course to
snap two straight sessions of fall
    ** Stock on track for the biggest one-day pct gain since May
2022
    ** NetEase Inc's  9999.HK  music online platforms operation
unit said its adjusted profit for 2024 rose 107.7% y/y to 1.7
bln yuan ($234.7 mln), gross profit up 27.5% y/y to 2.68 bln
yuan due to increased revenues from sales of membership
subscriptions and cost control  
    ** NetEase's Hong Kong shares slip 0.4% 
    ** Hang Seng Composite Index on information technology firms
 .HSCIIT  surges 5.1%, Hang Seng Tech Index  .HSTECH  jumps 5%,
Hang Hang Seng Index  .HSI  rises 3.3%
    ** NetEase Cloud Music shares up 49.5% YTD  


($1 = 7.2420 Chinese yuan renminbi)

 (Reporting by Donny Kwok)
 ((donny.kwok@thomsonreuters.com))