Cloud Music Inc. (HK:9899) has released an update.
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Cloud Music Inc., a subsidiary of NetEase, Inc., reported a 3.6% increase in net revenues to RMB2.0 billion (US$281.1 million) for the first quarter of 2024, highlighting its focus on its core music business and a recent app upgrade. The company experienced a notable improvement in gross profit margin to 38.0% due to a one-time adjustment in copyright costs and better cost control, representing significant growth from the previous year’s 22.4%.
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