Cardiff Oncology shares plunge after Q2 earnings miss
Investing.com -- William Ding, the billionaire founder and CEO of NetEase (NASDAQ:NTES) Inc., has begun a significant reorganization of the company, according to Bloomberg News, citing sources close to the situation. NetEase, a leading Chinese video game company responsible for popular titles such as Eggy Party and Marvel Rivals, has been expanding internationally for years. However, Ding is now taking steps to refocus the company’s efforts on a smaller portfolio of games.
Over the past year, Ding has made a series of strategic decisions that have resulted in the elimination of hundreds of jobs. He has also closed or idled several game studios and reduced the company’s international investment. These moves mark a shift in the company’s direction, with Ding reasserting his leadership and steering the company towards a more concentrated approach.
NetEase is one of the world’s largest gaming companies, having generated $11.6 billion in revenue from its gaming business last year. This reorganization could potentially strengthen the company’s position against larger competitors like Tencent Holdings Ltd (HK:0700) (F:NNND). and rising companies like Mihoyo Co.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.