NetEase Inc. (NTES) delivered a mixed bag of results for its fiscal third quarter on Thursday, the kind that makes you wonder whether the glass is half full or half empty. The answer? Depends which analyst you ask.

The Chinese gaming giant's quarterly revenue climbed 8.2% year-over-year to $3.98 billion (28.36 billion Chinese yuan), which sounds pretty good until you realize Wall Street was expecting $4.11 billion. On the flip side, the company's adjusted earnings per ADS came in at $2.07, comfortably beating the analyst consensus estimate of $1.88. So revenue missed, earnings beat—classic mixed results territory.

CEO William Ding seemed pleased regardless. "We delivered another quarter of solid execution, underscoring our healthy growth in China and rising global appeal," he said. "Over the years, we have honed our innovation capabilities and proven them title after title by delivering exceptional gaming experiences. This edge has afforded us a strong domestic foundation to extend our distinctive, sophisticated games to players worldwide."

The market appeared to agree with Ding's optimistic take. NetEase shares gained 1% to $135.26 on Friday following the earnings announcement.

More importantly for investors watching the stock, two analysts decided the quarter warranted raising their price targets on NetEase.

Benchmark analyst Fawne Jiang maintained a Buy rating on the stock and raised the price target from $145 to $158. Meanwhile, Barclays analyst Jiong Shao kept an Equal-Weight rating but increased the price target from $120 to $135.

The analyst moves suggest that despite the revenue miss, NetEase's ability to deliver strong profitability and its expanding global presence are resonating with those who follow the company closely. For a gaming company navigating China's regulatory environment while trying to expand internationally, that's not a bad position to be in.