NetEase ADRs Touch 52-week Lows after 2Q Results Reported
By Stephen Nakrosis
The American depositary receipts of gaming company NetEase touched a 52-week low Thursday, following the release of second-quarter financial results that showed a decline in net profit from the year-ago period.
In early afternoon trading, the company's ADRs were down 12%, trading at $81.24. Volume topped 4.1 million, above the 65-day average volume of 1.6 million ADRs. Earlier in the session, the ADRs touched a 52-week low of $81.18 each.
The company reported second-quarter net income of 6.76 billion yuan ($930 million), below the CNY8.24 billion reported in the year-ago period. Revenue for the second quarter was CNY25.49 billion, up from the CNY24 billion reported in the second quarter of last year.
NetEase said its gross profit for the second quarter of 2024 was CNY16 billion, up from CNY14.4 billion for the same quarter of 2023.
Write to Stephen Nakrosis at stephen.nakrosis@wsj.com
(END) Dow Jones Newswires
August 22, 2024 13:12 ET (17:12 GMT)
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