Tencent’s net profit up 25% on big leap in ad revenue
Print Edition
TENCENT said yesterday that its second-quarter net profit rose 25 percent year on year to 7.31 billion yuan (US$1.1 billion) on strong income growth in the online gaming and advertising sectors.
Revenue in the April-June period increased 19 percent from last year to 23.4 billion yuan, the company said in a stock market filing.
Revenue from online advertising in the quarter surged 97 percent to 4.1 billion yuan, driven by a steep increase in subscribers to the company’s online video services, and a spike in revenue from mobile-based advertising.
The company said it also benefited from its efforts to widen the scope of its WeChat service.
“We achieved rapid growth of our mobile payment solutions, and expanded our growing subscriber base for digital content,” Chairman and Chief Executive Officer Ma Huateng said in a statement.
Tencent said the number of users of its WeChat service rose 37 percent year on year to 600 million.
The firm said it will continue to invest in digital content, such as online streaming of sporting events and reality shows.
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