regularbingogamesfree| Changes in Hong Kong stocks | Netease plunged nearly 6%, the third consecutive day of decline, and announced results after hours today
editor 2024-05-23 13:44:36 Finance 23
Netease-S(9999regularbingogamesfree.HK) The afternoon decline further widenedregularbingogamesfree, once fell nearly 6% to HK$144.7, marking the third consecutive day of decline. The stock price hit a new low since April 23, and fell more than 12% in three days.
Netease is about to announce its results after Hong Kong stocks today. The agency expects Netease to achieve revenue of 26.786 billion yuan in the first quarter of 2024, a year-on-year increase of 6.95%; earnings per share will be 12.13 yuan, a year-on-year increase of 17.0%.
In addition, Morgan Stanley issued a report downgrading its investment rating on Netease's U.S. stocks from "overweight" to "synchronized with the market", and its ADR target price dropped from US$120 to US$100. The bank lowered its forecast for the stock's earnings per share from this year to 2026 by 6% to 12%. It expects game revenue and net profit to increase by 6% to 7% year-on-year this year and next. The bank said it had removed Netease from its preferred stock list in April based on seeing multiple risks.