Tencent posts 36% jump in Q1 net profit
Print Edition
TENCENT, operator of the popular smartphone social platform WeChat, posted a 36-percent jump in net profit in the first quarter from a year ago, boosted by strong gaming and advertising income.
Its net profit was 7.05 billion yuan (US$1.13 billion) under non-GAAP (Generally Accepted Accounting Principles) rules, beating the average of 6.7-billion-yuan analyst estimates polled by Thomson Reuters.
Revenue increased 22 percent to 22.4 billion yuan in the three months ended March, according to a company filing to the stock exchange yesterday.
Its value-added income such as online gaming revenue jumped 29 percent to 18.6 billion yuan, taking up 83 percent of its overall revenue in the quarter, boosted by a strong presence in various of platforms including desktop computers and mobile devices. Online advertising revenue more than doubled to 2.7 billion yuan helped by rising income from its online video streaming unit and social advertisements.
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