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Tencent sees 58% rise in profits YoY

Tencent sees 58% rise in profits YoY

Wed 13 Aug 2014 6:26pm GMT / 2:26pm EDT / 11:26am PDT
Financial

Q2 figures show revenue also up by 37 per cent

Chinese gaming giant Tencent has released its Q2 financial results, showing a year-on-year 37 per cent increase to $3.2 billion (RMB19,746 million).

It reported profit for the same period as $947 million (RMB5,826 million) an increase of 58 per cent year-on-year. Non-GAAP profit for Q2 was $957 million(RMB5,890 million), an increase of increase of 41 per cent on the same period last year.

Social networks revenue increased by 15 per cent compared to Q1 and online advertising also grew, by 75 per cent, compared to the previous quarter. Online games revenue increased by 7 per cent quarter-on-quarter.

"In the second quarter, we deepened user engagement on mobile across our social, games and media platforms," said CEO Ma Huateng.

"Our online advertising business grew particularly strongly, benefiting from increased traffic at our video platform, the FIFA World Cup event, and performance advertising on our mobile social platform. Our ecosystem continues to expand as we pursue the strategy of working with category leaders, including NavInfo, a mapping service provider and 58.com, a local listing platform. We are seeing the benefits of this approach, as evidenced in the successful listing of JD.com. Looking forward, we will continue to grow our platform, invest in areas such as O2O and content, and enhance our user experience."

Tencent is the fourth-largest internet company in the world and holds a 40 per cent share in Epic Games. In 2011 it acquired League of Legends developer Riot Games for $400 million.

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