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May 18, 2017

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Tencent’s Q1 earnings surprise

TENCENT, the operator of China’s most popular social networking app WeChat, posted better-than-expected earnings and income in the first quarter as the company tapped the robust performance in mobile games.

Its revenue surged 55 percent to 49.6 billion yuan (US$7.2 billion) in the three months ended in March, beating market estimates of 46.4 billion yuan, according to a filing yesterday.

Profit soared 58 percent to a record high of 14.5 billion yuan, exceeding projections of 13 billion yuan on the back of online gaming income from popular titles such as Honor of Kings, CF Mobile and Dragon Nest Mobile.

Revenue from PC games jumped 24 percent to 14.1 billion yuan, with the number of paying users climbing. Smartphone gaming income surged 57 percent to 12.9 billion yuan.

WeChat’s monthly active users rose 23 percent to 938 million at the end of March, as the app connects smartphone users with offline service providers and merchants easily.



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