NetEase Inc (NASDAQ:NTES), Chinese internet and game services provider, stock fell 0.58% (As on August 25, 11:45:44 AM UTC-4, Source: Google Finance) after the company reported an increase in earnings for the second-quarter of 2023, particularly helped by increased revenue from Games and related value-added services. Non-GAAP net income from continuing operations attributable to the Company’s shareholders totaled RMB9,017.5 million (US$1,243.6 million) for the second quarter of 2023, compared with RMB7,566.2 million and RMB5,409.8 million for the preceding quarter and the second quarter of 2022, respectively. Gross profit for the second quarter of 2023 was RMB14,375.4 million (US$1,982.5 million), compared with RMB14,896.5 million and RMB12,941.5 million for the preceding quarter and the second quarter of 2022, respectively.

NTES in the second quarter of FY 23 has reported the adjusted American depositary share of 13.88 Chinese renminbi ($1.91), beating the analysts’ estimates for the adjusted American depositary share of 9.03 renminbi. The company had reported the adjusted revenue of 24.01 billion renminbi in the second quarter of FY 23, missing the analysts’ estimates for revenue of 25.12 billion renminbi.

Moreover, Net revenues from games and related value-added services were RMB18,798.6 million (US$2,592.5 million) for the second quarter of 2023, compared with RMB20,065.6 million and RMB18,139.8 million for the preceding quarter and the second quarter of 2022, respectively. Net revenues from the operation of online games accounted for approximately 91.7% of the segment’s net revenues for the second quarter of 2023, compared with 92.7% and 92.8% for the preceding quarter and the second quarter of 2022, respectively. Net revenues from mobile games accounted for approximately 73.6% of net revenues from the operation of online games for the second quarter of 2023, compared with 72.3% and 66.1% for the preceding quarter and the second quarter of 2022, respectively.

Net revenues from Youdao were RMB1,206.6 million (US$166.4 million) for the second quarter of 2023, compared with RMB1,163.3 million and RMB956.2 million for the preceding quarter and the second quarter of 2022, respectively.

Net revenues from Cloud Music were RMB1,948.5 million (US$268.7 million) for the second quarter of 2023, compared with RMB1,959.8 million and RMB2,191.5 million for the preceding quarter and the second quarter of 2022, respectively.

The provider of internet and game services said it raised its quarterly dividend to $0.525 per ADS from $0.465 in Q1, payable around Sept. 22 to holders of record on Sept. 8.

Additionally, the company said it has bought back about $536.4 million of its ADSs as of June 30 under a share buyback program of up to $5 billion started in January.