China’s Tencent Enjoys Games, Advertising Boost to First Half Profits
Tencent, China’s social media giant, saw net profits rise by 15% to $2.32 billion (RMB14.2 billion) in the six months to June that marked the first half of its financial year. In the second quarter, profits were up by 25%.
The results were achieved on revenues of $7.50 billion, an increase of 20% over the equivalent six month period.
The company said that profitability came from advertising growth and the success of its games.
"Strategically, we cultivated rapid growth of our mobile payment solutions, and built up a growing subscriber base for our premium reading, music and video services. We also reported rapid growth in online advertising revenue, benefiting from expanded social performance advertising and video advertising,” said Ma Huateng, Chairman and CEO of Tencent.