Analyst Consensus ?
ConsensusBuy33 ratings
Bullish2781.8%
Neutral515.2%
Bearish13.0%
NetEase, Inc. · NTES · FY2024 Q4 · Calendar Q1 2025
NetEase: Strong new-title momentum, but execution remains central
The current analysis supports a constructive but qualified view: new-title engagement, international expansion and Youdao AI development provide evidence for continued growth, while monetization durability, launch execution and the absence of formal guidance leave the forward case unproven.
Reported Before market openNASDAQTechnology
$75.55B market cap
80quality score
Earnings scorecard
Reported versus consensus
Reported EPS
—
Consensus $1.73
EPS surprise
—
Reported versus consensus
Reported revenue
—
Consensus $27.16B
Revenue surprise
—
Reported versus consensus
Market reaction
prior-close to event-session close
Stock move
-2.6%
Event window
SPY move
-0.4%
Same window
Abnormal move
-2.2%
Stock minus SPY
Volume
1.7×
Versus trailing sessions
Subsequent drift
-1.4%
Up to 20 sessions
NTESSPY benchmark
Ask FN2 about NTES FY2024 Q4
Transcript, numbers and history already loaded
What drove NTES's -2.6% move after FY2024 Q4 earnings?What changed in NTES's guidance and outlook in FY2024 Q4?Give me the bull and bear case for NTES after FY2024 Q4 earnings.
Free account. Your question opens in FN2 with this report's transcript and numbers attached.
Transcript intelligence
What changed
Relative to the prior-quarter analysis, the emphasis shifted from the upcoming release pipeline toward evidence from launched titles, a broader 2025 overseas and console plan, and further Youdao AI model development. The main unresolved questions remain monetization, marketing efficiency and international execution.
Guidance delta
No formal guidance was provided; the supplied analysis does not establish a change in guidance.
Key takeaways
- Management described strong engagement and revenue contribution from new game releases.
- The pipeline remains focused on FragPunk, Destiny: Rising, Marvel Mystic Mayhem and broader Where Winds Meet expansion.
- Youdao’s AI education initiatives and model development remain part of the growth narrative.
- The evidence is constructive on product momentum but incomplete on formal guidance and monetization durability.
Management priorities
- Execute the global launch of FragPunk.
- Expand Where Winds Meet through console and overseas releases.
- Advance AI model development and integration across Youdao services.
- Build international distribution, localized content and cross-media engagement.
Follow NTES with an agent that reads every filing, transcript, and price print. Free to start.
Try FN2 freeEarnings History
Estimate
Beat
Miss
Match
Analyst 52W Price Targets
$118.61Current
$103Low
$140.65Average
$180High
Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Oct 26, 2026. Not an FN2 forecast.
Firm-level rating actions
FMP grade actions identify the grading firm, not a named analyst.
| Firm | Rating | Prior rating | Action | Date |
|---|---|---|---|---|
| Morgan Stanley | Overweight | Overweight | Maintain | Sep 28, 2026 |
| Barclays | Equal Weight | Equal Weight | Maintain | Feb 12, 2026 |
| Benchmark | Buy | Buy | Maintain | Nov 21, 2025 |
| JP Morgan | Overweight | Neutral | Upgrade | Oct 10, 2025 |
| Arete | Buy | Sell | Upgrade | Sep 3, 2025 |
| B of A Securities | Buy | Buy | Maintain | Jan 15, 2025 |
| Citigroup | Buy | Buy | Maintain | Nov 15, 2024 |
| Jefferies | Buy | Buy | Maintain | Aug 22, 2024 |
| HSBC | Buy | Buy | Maintain | Apr 24, 2024 |
| Bernstein | Outperform | Outperform | Maintain | Jun 5, 2023 |
| UBS | Buy | Buy | Maintain | May 26, 2023 |
| 86 Research | Buy | Hold | Upgrade | Feb 25, 2022 |
| Macquarie | Neutral | Neutral | Maintain | May 19, 2021 |
| CLSA | Buy | Buy | Maintain | May 19, 2021 |
| Daiwa Capital | Buy | Buy | Maintain | Aug 14, 2020 |
| Nomura Instinet | Buy | Buy | Maintain | May 21, 2020 |
| Nomura | Buy | Buy | Maintain | May 21, 2020 |
| CFRA | Buy | Buy | Maintain | May 20, 2020 |
| Goldman Sachs | Buy | Neutral | Upgrade | Dec 4, 2019 |
| Citi | Buy | Buy | Maintain | Sep 6, 2019 |
| Bank of America | Buy | Buy | Maintain | Nov 17, 2017 |
| Standpoint Research | Reduce | Buy | Downgrade | Jun 7, 2017 |
| Brean Capital | Buy | Buy | Maintain | Jul 18, 2016 |
| CICC | Buy | Hold | Upgrade | Apr 8, 2015 |
| Credit Suisse | Outperform | Neutral | Upgrade | Oct 21, 2014 |
| China International Capital | Hold | Buy | Downgrade | Aug 12, 2014 |
| TH Capital | Hold | Buy | Downgrade | Feb 10, 2014 |
| Deutsche Bank | Hold | Buy | Downgrade | Nov 15, 2013 |
| Exane BNP Paribas | Buy | Buy | Maintain | Sep 30, 2013 |
| PiperJaffray | Overweight | Overweight | Maintain | Aug 16, 2012 |
| Piper Sandler | Overweight | Overweight | Maintain | Aug 16, 2012 |
| Oppenheimer | Outperform | Outperform | Maintain | Aug 16, 2012 |
| Mirae Asset | Buy | Buy | Maintain | Jul 10, 2012 |
Named analyst price targets
Upside is calculated against the persisted current price $118.61. FMP does not supply a rating on these named-analyst rows.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| Morgan Stanley | Yang Liu | $163 | $115.41 | +37.4% | Sep 28, 2026 |
| BNP Paribas | Analyst unavailable | $180 | $117.47 | +51.8% | Sep 22, 2026 |
| Bernstein | Robin Zhu | $160 | $127.38 | +34.9% | Aug 21, 2026 |
| Goldman Sachs | Analyst unavailable | $169 | $129.7 | +42.5% | Jul 1, 2026 |
| Morgan Stanley | Yang Liu | $158 | $123.86 | +33.2% | May 26, 2026 |
| Morgan Stanley | Yang Liu | $154 | $114.62 | +29.8% | Mar 2, 2026 |
| Macquarie | Analyst unavailable | $158 | $118.14 | +33.2% | Feb 12, 2026 |
| Barclays | Analyst unavailable | $132 | $118.46 | +11.3% | Feb 12, 2026 |
| Barclays | Analyst unavailable | $135 | $133.95 | +13.8% | Nov 21, 2025 |
| Bernstein | Analyst unavailable | $155 | $133.95 | +30.7% | Nov 21, 2025 |
| Morgan Stanley | Analyst unavailable | $170 | $149.59 | +43.3% | Oct 8, 2025 |
| Goldman Sachs | Lincoln Kong | $161 | $154.83 | +35.7% | Sep 15, 2025 |
| Arete Research | Zixiao Yang | $150 | $135.71 | +26.5% | Sep 2, 2025 |
| Barclays | Jiong Shao | $120 | $129.22 | +1.2% | Aug 18, 2025 |
| Bernstein | Robin Zhu | $105 | $101.36 | -11.5% | Dec 9, 2024 |
| Barclays | Jiong Shao | $82 | $82.08 | -30.9% | Aug 26, 2024 |
| Jefferies | Thomas Chong | $103 | $82.25 | -13.2% | Aug 22, 2024 |
| Jefferies | Thomas Chong | $216 | $88 | +82.1% | Aug 5, 2024 |
| Barclays | Jiong Shao | $104 | $92.92 | -12.3% | Jun 13, 2024 |
| CFRA | Ahmad Halim | $130 | $94.74 | +9.6% | May 24, 2024 |
| Jefferies | Thomas Chong | $129 | $94.74 | +8.8% | May 23, 2024 |
| Morgan Stanley | Alex Poon | $120 | $97.15 | +1.2% | Apr 12, 2024 |
| Jefferies | Thomas Chong | $133 | $98.71 | +12.1% | Apr 2, 2024 |
| Morgan Stanley | Alex Poon | $135 | $98.71 | +13.8% | Apr 2, 2024 |
| Bernstein | Robin Zhu | $120 | $86.85 | +1.2% | Jun 5, 2023 |
| Citigroup | Analyst unavailable | $140 | $86.11 | +18.0% | Aug 19, 2022 |
| Macquarie | Esme Pau | $129 | $89.78 | +8.8% | Jul 13, 2022 |
| HSBC | Analyst unavailable | $122 | $97.49 | +2.9% | May 25, 2022 |
| CMB International Securities | Sophie Huang | $123 | $82.63 | +3.7% | Oct 5, 2021 |
| UOB Kay Hian | Julia Pan | $110 | $117.68 | -7.3% | May 20, 2021 |
| Macquarie | Han Joon Kim | $118 | $108.97 | -0.5% | May 19, 2021 |
Track every rating change on NTES the moment it posts. Free to start.
Start freeCompany context
Snapshot as of publicationNetEase, Inc., a prominent technology firm founded in 1997 and headquartered in Hangzhou, People's Republic of China, delivers a broad spectrum of online services both within China and across international markets. Its core operations encompass online gaming, music streaming, intelligent online learning solutions, and diverse internet content services. The company organizes its activities into several key divisions: Games and Related Value-Added Services; Youdao, focusing on educational technology; Cloud Music for its audio streaming offerings; and a segment for Innovative Businesses and Others. Within its gaming division, NetEase is responsible for creating and managing both PC and mobile games, and it also publishes titles licensed from external game developers. The Youdao segment provides a comprehensive suite of online learning and translation tools, including Youdao Dictionary, Youdao Translation, U-Dictionary, and Youdao Kids' Dictionary.…
Historical context
All NTES earningsTechnology peers this season
Latest reports in the same sector| Company | Quarter | EPS surprise | Market move | Headline |
|---|---|---|---|---|
| INFY Infosys Limited | FY2027 Q2 · Calendar Q4 2026 | -4.8% | -6.6% | Infosys trims growth outlook as AI revenue and deal wins accelerate |
| SSNC SS&C Technologies Holdings, Inc. | FY2026 Q3 · Calendar Q4 2026 | +0.6% | +2.8% | SS&C raises 2026 outlook as AI and tokenization support growth |
| ROP Roper Technologies, Inc. | FY2026 Q3 · Calendar Q4 2026 | +1.7% | +9.7% | Roper raises DEPS outlook as AI adoption expands across portfolio |
| VRSN VeriSign, Inc. | FY2026 Q3 · Calendar Q4 2026 | -2.0% | -0.9% | VeriSign reports record registrations as renewal mix becomes a key watchpoint |
| TTMI TTM Technologies, Inc. | FY2026 Q3 · Calendar Q4 2026 | +16.8% | -27.7% | TTM Technologies Q3: Record Growth, Higher Investment, More Deal Risk |
| NOK Nokia Oyj | FY2026 Q3 · Calendar Q4 2026 | +25.0% | -14.8% | Nokia Q3: AI and cloud growth lifts margins as cash flow stays negative |
Latest beats and misses
Who reports nextBeat on EPS
- FCNCAFY2026 Q3 · October 23, 2026+19.9% EPS+8.2% move
- FCNCNFY2026 Q3 · October 23, 2026+19.9% EPS+0.2% move
- FCNCOFY2026 Q3 · October 23, 2026+19.9% EPS+1.0% move
- FCNCPFY2026 Q3 · October 23, 2026+19.9% EPS+1.0% move
- RDYFY2027 Q2 · October 23, 2026+24.0% EPS-0.2% move
- SLBFY2026 Q3 · October 23, 2026+3.7% EPS+7.1% move
Missed on EPS
- INFYFY2027 Q2 · October 23, 2026-4.8% EPS-6.6% move
- BBDFY2026 Q3 · October 22, 2026-7.7% EPS+3.0% move
- SNAFY2026 Q3 · October 22, 2026-5.9% EPS-3.4% move
- SPOTFY2026 Q3 · October 22, 2026-11.6% EPS+11.1% move
- VRSNFY2026 Q3 · October 22, 2026-2.0% EPS-0.9% move
- HBANMFY2026 Q3 · October 22, 2026-5.3% EPS+0.5% move
Get the NTES recap when the next report posts
One email per quarter with the scorecard, the market reaction and what changed on the call. No account needed.
Sources
- Earnings call transcript and parsed analysis · 2026-05-11T10:29:34.698584+00:00
- FN2 earnings calendar · 2025-02-07T12:35:29.714358+00:00
- Polygon adjusted daily market bars · 2026-10-25T23:40:44.101770+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-10-25T23:40:44.098870+00:00
Methodology
Reported and consensus figures come from FN2's earnings event records. Market reaction and volume are calculated from daily adjusted bars around the event; abnormal move subtracts the SPY move over the same window.
Analyst target low, average, and high values are derived at request time from each named analyst's latest persisted FMP target. The current-price marker comes from FN2's persisted market snapshot. They are sell-side estimates, not an FN2 valuation or recommendation.
Transcript intelligence is a structured synthesis of the current and prior earnings-call analyses. Missing values stay missing and are never estimated.
By FN2 Research · Updated · As of 2026-10-25. For educational purposes only; not investment advice.