1226 ET - NetEase' future is dimming a bit. The internet technology company reported disappointing 3Q results primarily due to underperformance in mobile games despite PC games reaccelerating, says Benchmark's Fawne Jiang in a research note. "Looking ahead, we expect continued muted growth in mobile games over the next few quarters, given the lack of new product launches and challenging [year-over-year] comparisons," the analyst adds. The analyst does expect continued solid growth in PC games thanks to contributions from Activision Blizzard titles as well as sustained growth in "Naraka." Jiang lowers her price target to $105 to reflect updated growth estimates. (denny.jacob@wsj.com; @pennedbyden)
(END) Dow Jones Newswires
November 15, 2024 12:26 ET (17:26 GMT)
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