NetEase Cloud Music (9899) Q1 2024 earnings summary
Event summary combining transcript, slides, and related documents.
Q1 2024 earnings summary
7 May, 2026Executive summary
Net revenues reached RMB2.0 billion (US$281.1 million) in Q1 2024, up 3.6% year-over-year.
Focus remained on core music business, with a comprehensive product upgrade to the NetEase Cloud Music App.
Financial highlights
Net revenues for Q1 2024 were RMB2,029.5 million, compared to RMB1,959.8 million in Q1 2023 and RMB1,985.5 million in Q4 2023.
Gross profit for Q1 2024 was RMB770.5 million, up from RMB439.5 million in Q1 2023 and RMB601.0 million in Q4 2023.
Gross profit margin improved to 38.0% in Q1 2024, from 22.4% in Q1 2023 and 30.3% in Q4 2023.
Outlook and guidance
Continued emphasis on developing music-centric ecosystem and driving sustainable long-term growth.
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