Tencent taps Internet and gaming to lift Q3 profit
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E-mail Shanghai Daily, November 15, 2012
Tencent Holdings Ltd tapped the growing Internet value-added income and booming online gaming to post a 32 percent jump in net profit in the third quarter, China's No. 1 dot-com game firm said Wednesday.
Net profit climbed to 3.22 billion yuan (US$517 million) from 2.45 billion yuan a year earlier, slightly lower than the average estimate of 3.33 billion yuan by eight analysts in a Bloomberg News survey.
Revenue rose 54 percent to 11.6 billion yuan, Shenzhen-based Tencent said in a statement to the Hong Kong stock exchange yesterday.
"Several of our investment initiatives, such as open platform, Weixin and online video, drove user engagement or monetization," said Pony Ma, Tencent's chairman and founder.
Ma added that Tencent will focus on the mobile Internet sector.
Tencent got a revenue of 8.37 billion yuan from Internet value-added services, especially the core QQ platform, up an annual 39 percent. This covered 72 percent of total revenue.
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