Tencent boosted its profits 58 per cent year on year in the first quarter as China’s biggest technology company ramped up advertising revenues and continued to dominate the mobile gaming market.
Revenues rose 55 per cent year on year to Rmb49.55bn ($7.2bn), outperforming analysts’ consensus estimates of Rmb43.86bn gathered by Thomson Reuters, with profits climbing to Rmb14.48bn.
Tencent’s gaming, entertainment and social media apps dominate Chinese mobile. Nearly all of China’s mobile internet users deploy its most well-known app, WeChat, and more than half spend over 90 minutes per day on the app. WeChat combines messaging, social media, mobile payments and even travel bookings — and is often jokingly referred to as a “public utility”.
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