Investing.com-- Shares of NetEase Inc (NASDAQ:NTES) (HK:9999) surged more than 15% on Friday, hitting their highest level in over four years, after the Chinese gaming giant reported solid first-quarter earnings driven by strong demand for its new and existing games.
The company on Thursday posted a 7.4% year-on-year rise in first-quarter revenue to 28.8 billion yuan ($4.0 billion), with gaming revenue climbing 12.1% to 24.0 billion yuan.
Net income attributable to shareholders surged 35% to 10.3 billion yuan ($1.4 billion).
Hong Kong-listed shares of the company surged more than 15% on Friday to HK$194.80, their highest level since February 2021.
U.S.-listed NetEase shares closed 14.6% higher on Thursday.
Key titles like Marvel Rivals, Where Winds Meet, and FragPunk fueled growth, while Blizzard games regained momentum in China. CEO William Ding credited "ongoing innovation and new titles" for the strong performance.
Netease also announced a quarterly dividend of $0.1350 per share.