NetEase is trading 4.3% down at $121.75 after second-quarter adjusted earnings missed expectations despite revenue beating forecasts.
- Adjusted earnings were RMB12.02 per ADS versus a FactSet estimate of RMB15.56.
- Investment losses and a higher effective tax rate pressured profitability; the decline is primarily company-specific, with rising Treasury yields and broader technology weakness adding pressure to risk-sensitive stocks.