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Brief: Tencent reports best quarter ever, thanks to mobile games

Brief: Tencent reports best quarter ever, thanks to mobile games

Brief: Tencent reports best quarter ever, thanks to mobile games
May 18
05:25 2017

Tencent

Photo credit: Tech in Asia.

The news:

  • Tencent has posted record quarterly sales and profit figures for the three months ending March this year.
  • The Shenzhen-based company reported quarterly revenue of US$7.2 billion and net income of US$2.1 billion, beating analysts’ predictions of US$6.7 billion and US$1.9 billion, respectively.

Why it matters:

  • Tencent has bet on self-developed mobile games, original video content, and advertising as key growth engines – and this appears to be paying off.
  • The company’s mobile gaming business was the most significant contributor to the quarter’s better-than-expected results, according to Bloomberg. The in-house title Honour of Kings generated between US$406.5 million and US$435.5 million in gross revenue last month alone.
  • The company’s self-produced TV drama series Candle in the Tomb got close to 2.5 billion views before it ended in January.
  • Revenue from Tencent’s growing online ads business – built largely on its WeChat and QQ social media platforms – increased 47 percent during the quarter, clocking in at US$1 billion.

Source: Bloomberg

Converted from Chinese yuan. Rate: US$1 = RMB 6.89.

Editing by Judith Balea and Steven Millward

(And yes, we’re serious about ethics and transparency. More information here.)

About Jack

Hello, world. I’m the latest addition to the Tech In Asia news team.

source : techinasia

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