Tencent posts 59% surge in profit in Q2
Print Edition
TENCENT, China’s largest Internet company by users and market valuation, said yesterday that profit in the second quarter jumped 59 percent to 5.84 billion yuan (US$949 million) as it tapped the surge in online gaming income.
Tencent has been offering a number of services, including payment and online gaming, through its massive popular smartphone chatting tool WeChat, to catch up with rivals such as Alibaba and Baidu in online transactions.
The number of monthly active WeChat users rose 10.7 percent from three months ago to 438.2 million out of China’s more than 600 million online users, as Tencent competes with other Internet giants including Baidu and Alibaba.
Revenue soared 37 percent to 19.7 billion yuan in the three months ended on June 30, with online gaming income surging 46 percent from a year earlier, making up 56 percent of its total revenue in the second quarter, the Hong Kong-listed company said in a stock exchange filing.
Online advertising sales rose 59 percent on revenue from Internet videos and Tencent’s portal website which rode on World Cup related online campaigns.
Tencent’s e-commerce transaction volume fell 40 percent year on year after it divested its e-commerce unit and strategically invested 15 percent in JD.com earlier this year.
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