Stock Alert: NetEase Touches New High

(RTTNews) - Shares of Chinese gaming company NetEase, Inc. (NTES) touched a new high of $367.52 on Friday, before closing at $348.64, down $13.57 or 3.75%.

The stock has been rising for more than one month now, after touching its 52-week low of $270.43 on March 18, gaining nearly 30%.

One of the largest internet and gaming companies in the world, NetEase also provides online advertising services, email services and e-commerce platforms including for online education, music streaming and video streaming. As lockdowns during cornavirus pandemic brought more people to gaming apps, China's online entertainment industry including video streaming and online gaming saw substantial growth in the first quarter. Another service the company offers- online education- is a segment which was in high demand as many schools and colleges were shut during Covid-19.

In February, when NetEase reported fourth-quarter results, revenue increased 9.2% year-on-year to $2.26 billion on strong growth in online game services as well as other business segments.

Earnings from continuing operations of RMB28.03 per share beat average estimate of 12 analysts polled by Thomson Reuters at RMB24.74.