NetEase (NASDAQ:NTES) slid in pre-market trading after its fourth-quarter results missed estimates. The Chinese provider of game services posted revenues of RMB27.1 billion ($3.8 billion) in the fourth quarter, a rise of 7% year-over-year, but fell short of consensus estimates of $3.91 billion.
The firm reported adjusted earnings of $1.62 per American Depository Share (ADS) in Q4, below Street estimates of $1.69 per ADS.
Moreover, NetEase’s Board of Directors approved a dividend of $1.07 per ADS for the fourth quarter to shareholders of record at the close of business on March 14, 2024.
What Is the Price Target for NTES?
Analysts remain bullish about NTES stock with a Strong Buy consensus rating based on four Buys. Over the past year, NTES stock has surged by more than 40%, and the average NTES price target of $132.75 implies an upside potential of 18.2% at current levels. However, it’s worth noting that estimates will likely change following today’s earnings report.
