NetEase Cloud Music's Gross Profit Slides in Q1

MT Newswires Live

05/15

NetEase Cloud Music's (HKG:9899) gross profit slipped to 682.6 million yuan in the first quarter from 770.5 million yuan in the prior-year period, according to preliminary data filed Thursday with the Hong Kong bourse.

Net revenue fell 8.4% to 1.86 billion yuan in the first quarter from 2.03 billion yuan in the year-ago period.

NetEase (HKG:9999) is the controlling shareholder of Cloud Music.

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