By Yifan Wang

NetEase Inc.'s first-quarter net profit fell 1.1% despite higher revenue, as steep investment losses weighed on the bottom line.

The Chinese videogame developer posted net profit of 4.39 billion yuan ($660.1 million) for the quarter, down slightly from CNY4.44 billion a year earlier.

Revenue rose 15% to CNY23.56 billion, driven by solid growth in its core online games business as well as a sales jump in the music-streaming operations.

The company's profitability was primarily weighed by a sharp investment loss during the period, which NetEase attributed to fair value changes of equity investments.


Write to Yifan Wang at yifan.wang@wsj.com


(END) Dow Jones Newswires

05-24-22 0510ET