CLOUD MUSIC (09899) releases its third quarter performance with a net income of 2 billion yuan, a year-on-year increase of 1.3%.

CLOUD MUSIC (09899) released its performance for the third quarter of 2024, with a net income of 2 billion yuan, an increase of 1.3% year-on-year; gross profit margin was 32.8%, compared to 32.1% in the previous quarter and 27.2% in the same period last year. The increase in gross profit margin month-on-month and year-on-year was mainly due to the increase in subscription revenue and continued improvement in cost control. The announcement stated that NetEase CLOUD MUSIC continues to promote the high-quality development of the music-centered ecosystem, further expanding the subscription member base, and driving continuous healthy growth in online music revenue. Apart from games, NetEase CLOUD MUSIC and NetEase Youdao also experienced steady growth. "We are committed to providing our user base with unique, attractive, and influential product experiences, driving NetEase to continue to create success," Mr. Ding Lei summarized.