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.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.