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NetEase Phone Services Weak Despite Rise In 3rd Quarter Net Profit
October 28, 2003 |
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Chinese Internet media company NetEase.com posted a quarterly net profit as revenues almost doubled, but shares went down due to sales of mobile text-message services that did not meet expectations.
While third-quarter revenue grew 96 percent to $17.7 million, sales of text-message services declined 20.7 percent to $7.6 million from the $9.6 million it had reported for the second quarter. Traders blamed the decline in mobile phone services for a plunge in NetEase shares following the results.
After the announcement, the stock fell to $56.70 in after-hours trading on the Nasdaq from $65.85 at the end of the regular session. NetEase reported a third-quarter net profit of $10.2 million, or 30 cents per diluted share, compared with a loss of $1.1 million a year earlier.
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