Tencent achieves higher than expected profit in Q1

Updated 2018-05-18 11:36:06

Tencent said their profit advanced 61 percent in the first quarter to 23.29 billion yuan (US.7 billion), in part due to strong gaming and advertising income.

China's largest social networking company and game operator said yesterday that revenue rose 48 percent to 73.53 billion yuan, higher than a precious estimate of 70.8 billion yuan.

Shares picked up more than 5 percent in the morning session as previous worries over lower margins, increasing operation costs and research spending were somewhat alleviated.

WeChat, Tencent's popular online social networking platform, saw its monthly active users hit over 1 billion by the end of the March quarter.

Income from smartphone gaming business went up 68 percent to 21.7 billion yuan thanks to popular titles such as "Honour of Kings."

Online advertising sales climbed 55 percent thanks to online video advertising.

Bocom International said in a research note today that the solid results would ease market concern and estimate firm growth of new desktop games and mobile gaming to support upward trends in the second quarter.

The company also intends to increase spending in the mobile payment sector as well as areas such as cloud computing, digital entertainment and partnerships with offline retailers in a bid to confront arch rival Alibaba Group.

Also in the News

Nicole Kidman Recalls Oscar Glory: Loneliest Time
Showbiz2016/06/16 13:58August 20 2019 02:11:09

Nicole Kidman Recalls Oscar Glory: Loneliest Time

Attending Shanghai International Film Festival, Nicole Kidman talks about her role in "Grace of Monaco".

Labor Day Travel Peak Starts
Also in the News2014/05/01 12:16August 20 2019 02:11:09

Labor Day Travel Peak Starts

Johnny Depp Delivers a Speech 'Evolve the Future' in 'Transcendence'
Also in the News2014/04/18 13:18August 20 2019 02:11:09

Johnny Depp Delivers a Speech 'Evolve the Future' in 'Transcendence'

Hollywood star Johnny Depp's speech in the upcoming new film "Transcendence" has been disclosed on Friday, April 11th.

China World Business Sports Showbiz Audio
C4 My Chinese Life The Sound Stage China Revealed Showbiz Video Travel Video
China World Fun Travel Entertainment Sports
Beijing Shanghai Guangzhou
Live Music Opera & Classical Movies Traditional Shows Exhibitions
Learn Chinese:
Chinese Studio Living Chinese Everyday Chinese Just For Fun Chinese Culture Buzzwords