Tencent posts impressive first quarter profit growth
Tencent posts impressive first quarter profit growth
Tencent Sees Profit Increase of 61% Thanks to Games Business
17 May, 2018, 12:02
That came after Tencent's rare miss in revenue growth the quarter before, which had prompted worries about a slowdown in games sales, its largest profit driver.
Powered by mobile games, Tencent's online games division raked in 28.8 billion yuan in revenue in the first quarter, posting a 26 percent year-on-year gain. "Smartphone games revenues alone were up 68 percent year-on-year to 21.7 billion yuan, thanks to titles such as 'Honour of Kings'".
The operating profit surged 59 percent to CNY 30.692 billion while the net profit going 61 percent higher to CNY 23.290 billion.
Tencent reported a 111 percent rise in "other" revenue in the quarter to 15.96 billion yuan on growth in payment solutions and cloud services. Now not available in China, it is scheduled to be launched there during the next couple of months. According to Wednesday's release, the company flipped to net debt of 14.5 billion yuan as of March 31, compared to net cash of 16.3 billion yuan at the end of 2017, as a direct result of its investments and mergers and acquisitions activity.
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Tencent has invested heavily in video in the past year. That helped drive a 55% local currency gain in advertising revenue to 10.69 billion yuan.
There's an argument to be made for stripping out extraneous items because Tencent runs the games and social side of the business itself, but doesn't have direct control over investees. It invested $632 million in game-streaming platforms Douyu in March, $462 million the same month on Huya.
In a battle for the world's largest mobile payment and retail market, Tencent has splashed out billions forging alliances with new partners like Carrefour and subsidising merchants to lure them onto its payment-to-messenger super app WeChat.
The company is exploring ways to integrate short video into its social network platforms, Tencent chairman and chief executive Pony Ma Huateng said in March during annual parliamentary meetings in Beijing. Not only can this add to the moat and diversity of Tencent's operations, emerging rivals can also be turned into members of the group at an early stage. Tencent has big stakes in several notable Chinese companies, including e-commerce giant JD.com (JD).
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