NetEase (NTES) reported Q1 non-GAAP earnings Thursday of 17.46 Chinese renminbi ($2.57) per diluted American depositary share, down from 17.51 renminbi a year earlier.

Analysts polled by FactSet expected 15.12 renminbi.

Net revenue for the quarter ended March 31 was 30.59 billion renminbi, compared with 28.83 billion renminbi a year earlier.

Analysts polled by FactSet expected 29.34 billion renminbi.

The company's shares were down 1.7% in premarket activity.