NetEase today released the first quarter of the 2021 financial report. NetEase’s net income for the quarter was RMB 20.5 billion, a year-on-year increase of 20.2%, a record high. The net profit attributable to the company’s shareholders was 4.4 billion yuan, an increase of 25.0% year-on-year, under non-GAAP, the net profit attributable to the company’s shareholders was 5.1 billion yuan.
NetEase’s net income from online game services in the quarter was 15 billion yuan, a year-on-year increase of 10.8%, Youdao’s net income was 1.3 billion yuan, a year-on-year increase of 147.5%, innovation and other business net income were 4.2 billion yuan, a year-on-year increase of 39.7%.
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In addition, the net income of learning services based on online courses was 1 billion yuan, a year-on-year increase of 156.8%. Among them, K12 business sales exceeded 400 million yuan, a year-on-year increase of 130.2%; adult business sales were 300 million yuan, a year-on-year increase of 17.8%.
In terms of learning products, NetEase Youdao’s intelligent learning hardware maintained a strong growth momentum. Net income in the first quarter reached 200 million yuan, a year-on-year increase of 279.8%.
In the first quarter, NetEase Youdao enhanced the software and hardware synergy between Youdao Dictionary and Youdao Dictionary Pen, bringing greater room for user growth for both. The financial report also showed that NetEase’s innovation and other business revenue was 4.2 billion yuan in the first quarter, a year-on-year increase of 39.7%.
