UPDATE 3-NetEase Q1 earnings top Street; shares down on rev miss

* Q1 earnings per ADS $0.47 vs est. $0.46 * Q1 revenue up 20 pct * Online games rev up 30 pct, ad rev down 47 pct

* Shares down 6 pct on ad revenue disappointment (Recasts; adds analyst comments, share movement)

By Bijoy Anandoth Koyitty

BANGALORE, May 20 (Reuters) - NetEase.com Inc (NTES.O: Quote, Profile, Research), China's No. 2 online games operator, reported a 55 percent jump in first-quarter profit as online games revenue rose 30 percent, but shares fell 6 percent as advertising revenue slumped further.

Analysts said the company's rivals such as Baidu Inc (BIDU.O: Quote, Profile, Research), Tencent (0700.HK: Quote, Profile, Research), Perfect World Co Ltd (PWRD.O: Quote, Profile, Research) and Sina Corp (SINA.O: Quote, Profile, Research) had a better quarter in terms of advertising revenue.

"I was actually expecting advertising to be down a little bit, but the miss was very significant...," Thinkequity analyst Atul Bagga said by phone.

Advertisers remained cautious overall during the first quarter as the global economic slowdown continued, Chief Executive William Ding said in a release.

Online advertising results from NetEase's competitors were not as bad, which implies some company specific issues in the quarter as well, Adam Krejcik of Roth Capital Partners said.

NetEase's total revenue rose about 20 percent to $114.4 million, but lagged analysts' expectations of $116.6 million due to a 47 percent fall in advertising revenue to $6 million.