0319 GMT - NetEase could report soft 3Q results due to a high base for its mobile game revenue following the successful debut of "Justice Mobile" last year, Nomura analysts say in a research note. However, its PC game revenue may perform resiliently, backed by the return of Blizzards' titles, they say. As a result, Nomura projects NetEase's 3Q revenue for games and related value-added services to decline 7% on year to 20 billion yuan. NetEase's gaming business will likely recover in 2025 with two new titles slated to launch in 4Q, they say. Nomura maintains a buy call on NetEase but lowers its target price to HK$157.00 from HK$182.00 to factor in likely soft 3Q results and lackluster performance of recent new title "Naraka Bladepoint Mobile." Shares last at HK$124.10. (sherry.qin@wsj.com)
(END) Dow Jones Newswires
October 27, 2024 23:19 ET (03:19 GMT)
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