Why NetEase Stock Jumped Today
Shares of NetEase (NASDAQ: NTES) have jumped today, up by 14% as of 12:20 p.m. EST on continued momentum after the Chinese video game company posted third-quarter results earlier this week. There were no new developments since the release, but investor sentiment remains bullish.
Revenue in the third quarter jumped 35.5% to $1.9 billion, and non-GAAP earnings per ADS was $3.43. NetEase launched Minecraft in China during the quarter, and quickly grabbed 30 million new registered users. Other legacy games like Fantasy Westward Journey Online and Invincible gained popularity, each hitting record quarterly revenue. NetEase both releases its own games as well as distributes games in China for other companies.
A character from NetEase's Crusaders of Light. Image source: NetEase.
Source: Fool.com
Netease Inc. ADR Stock
Netease Inc. ADR is currently one of the favorites of our community with 11 Buy predictions and no Sell predictions.
As a result the target price of 119 € shows a positive potential of 30.05% compared to the current price of 91.5 € for Netease Inc. ADR.
