Morgan Stanley Reports Solid 1Q11 Performance On Netease.com

According to Morgan Stanley, Netease.com (NASDAQ: NTES) saw a solid 1Q11 performance.

Morgan Stanley said that sales of Rmb1.5bn dropped 8% QoQ but grew 29% YoY. “Diluted EPADS was US$0.86, up 4% QoQ and 69% YoY, vs. our forecast of US$0.82, helped by a lower effective tax rate and forex gains.”

Netease.com closed yesterday at $45.94.