Tencent sees Q2 income jump
Source: Bloomberg News |
August 16, 2012, Thursday
|
Print Edition
Print Edition
TENCENT Holdings Ltd's second-quarter profit jumped 32 percent as China's biggest Internet company drew more advertisers to its social-networking websites and added online game players.
Net income climbed to 3.1 billion yuan (US$487 million) from 2.35 billion yuan a year earlier, Tencent said in a statement to the Hong Kong stock exchange yesterday. That compared with the 3.08 billion yuan average of nine analysts' estimates compiled by Bloomberg News. Sales rose 56 percent to 10.5 billion yuan.
Tencent added social-networking users to its sites, including Qzone and Pengyou, helping the company boost web advertising sales even as economic growth in China slowed. Chief Executive Officer Pony Ma is also increasing spending on e-commerce operations to challenge local industry leader Alibaba Group and pare reliance on online games.
"We achieved strong revenue growth on our social networks during the quarter," Tencent said.
Online game sales rose 53 percent to 5.6 billion yuan in the second quarter, Tencent said. Internet advertising revenue increased 72 percent to 880 million yuan, the Shenzhen-based company said.
Cost of revenue rose 85 percent to 4.3 billion yuan, partly because of expenses in its e-commerce business, it said.
Net income climbed to 3.1 billion yuan (US$487 million) from 2.35 billion yuan a year earlier, Tencent said in a statement to the Hong Kong stock exchange yesterday. That compared with the 3.08 billion yuan average of nine analysts' estimates compiled by Bloomberg News. Sales rose 56 percent to 10.5 billion yuan.
Tencent added social-networking users to its sites, including Qzone and Pengyou, helping the company boost web advertising sales even as economic growth in China slowed. Chief Executive Officer Pony Ma is also increasing spending on e-commerce operations to challenge local industry leader Alibaba Group and pare reliance on online games.
"We achieved strong revenue growth on our social networks during the quarter," Tencent said.
Online game sales rose 53 percent to 5.6 billion yuan in the second quarter, Tencent said. Internet advertising revenue increased 72 percent to 880 million yuan, the Shenzhen-based company said.
Cost of revenue rose 85 percent to 4.3 billion yuan, partly because of expenses in its e-commerce business, it said.
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