How NetEase’s Annual Gross Margin Stacks Up against BAT Stocks
What led to NetEase’s decline in annual gross margin? In the previous parts of this series, we looked at NetEase’s (NTES) revenue drivers, segments, and cost of revenue growth and compared them to its peers, the BAT stocks. NetEase’s gross profit expanded 62% to 21.7 billion yuan in 2016 and expanded 20% to 25.9 billion yuan ($4 billion) in 2017.