During a financial quarter that saw the company slapped with a Wells Notice from the SEC and greater competition from portal rivals in China, Netease.com managed to scrape together a 66.8% increase in revenue year-over-year and 15.5% quarter-over-quarter to CNY186.8 million (US$22.6 million).
The company this week issued its financial details for the last quarter, ending March 31, 2004.
Other key first quarter achievements include:
— Net profit for the quarter increased 50.8% year-over-year and 10.5% quarter-over-quarter to CNY103.9 million (US$12.6 million), equivalent to US$0.40 per American Depositary Share (basic) or US$0.38 per American Depositary Share (diluted).
— Cash flow from operating activities for the quarter amounted to CNY145.8 million (US$17.6 million).