23.02.2023 11:02:02

NetEase's Cloud Music FY22 Loss Narrows With Strong Revenue Growth

(RTTNews) - Cloud Music Inc., an interactive music streaming service provider in China launched by NetEase, Inc. (NTES), reported Thursday that its fiscal 2022 net loss was RMB 221.49 million, compared to last year's net loss of RMB 2.06 billion.

Adjusted net loss was RMB 114.57 million, narrower than loss of RMB 1.04 billion in 2021.

Revenue grew 28.5 percent to RMB 8.99 billion from last year's RMB 7 billion.

In Hong Kong, Cloud Music shares gained 2.2 percent to trade at HK$85.35.

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