Tencent advances revenues 48%, profit over 60% in Q1

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On Wednesday, the Chinese technology giant, with a market cap of $504bn, posted better-than-expected net profit and gross profit margin for the first quarter.

Profit was also helped by one-time gains of nearly 7.6 billion yuan from its investments in arenas like video and news. The company beat market expectations on the top and bottom line, and saw its operating margin - which was a concern for investors coming into the numbers - rise by 3 percent. 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 reported a 111 percent rise in "other" revenue in the quarter to 15.96 billion yuan on growth in payment solutions and cloud services. The stock had fallen 16 percent in Hong Kong since a record close on January 23.

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Revenue rose 48 percent to 73.5 billion yuan, also surpassing estimates for 70.8 billion yuan.

The Hang Seng Index slid 0.54 per cent or 168.05 points to 30,942.15 and the Hang Seng China Enterprises index lost 1.30 per cent or 161.69 points to 12,278.43. At the open, Tencent shares were at 424 Hong Kong dollars, but pared some of those gains. "The increase primarily reflected growth in revenues from digital content services such as live broadcast, video streaming subscriptions and our music service namely WeSing, as well as from in-game virtual item sales", Tencent said.

Tencent said mobile game revenue hit 21.7 billion RMB ($3.4 billion) during the quarter, up 68 year-on-year. The company announced that had seen growth in the double digits related to the number of daily active users for that game.

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Its gaming business drove revenues at Tencent during the quarter.

Tencent's gaming business has historically done well, with the PC games segment being the company's cash cow for a long time.

With strong cashflows and a huge customer base in excess of one billion users, Tencent has been aggressively seeking out start-ups with good potential and boosting their chance of success by providing funding support as well as customer traffic. "Honour of Kings was a major contributor for mobile gaming revenue".

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