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Jun 30
NetEase Q2 2025 Earnings Report
NetEase reported strong growth in gaming and new content launches during the quarter.
Key Takeaways
NetEase delivered solid Q2 2025 results driven by its game segment and new global releases. Revenue reached $3.9B, with net income of $1.2B. Non-GAAP EPS was $2.07 per ADS, supported by performance of flagship titles and contributions from Blizzard games in China.
NetEase posted $3.9B in revenue, up from $3.6B last year
Net income rose to $1.2B, supported by high-margin game titles
Adj. EPS came in at $2.07 per ADS, reflecting healthy profitability
New launches like Marvel Mystic Mayhem and Blizzard titles drove engagement
NetEase
NetEase
NetEase Revenue by Segment
NetEase Revenue by Geographic Location
Revenue by Segment
Games & VAS Revenue
CapyFin.comYoudao Revenue
CapyFin.comCloud Music Revenue
CapyFin.comInnovative Biz & Others Revenue
CapyFin.comRevenue by Geographic Location
Global Revenue
CapyFin.com Forward Guidance
NetEase anticipates continued momentum through new title launches, global expansion, and stronger community engagement.
Positive Outlook
- Strong performance from newly launched games
- Blizzard titles helped reignite China user base
- Stable margin profile supported by high-margin game IP
- Expansion of global franchises like Marvel Rivals
- Improved operating discipline and cost control
Challenges Ahead
- Decline in Cloud Music revenue YoY
- Innovative businesses saw a sharp YoY revenue drop
- Sequential revenue decline from Q1
- Higher marketing expenses QoQ
- Potential FX risks and geopolitical headwinds
Revenue & Expenses
Visualization of income flow from segment revenue to net income