Games and Advertising Lift Tencent to Record First Quarter Profit
16 May, 2018, 16:21 | Author: Regina Silva
The following is an updated table of Chinese company earnings during the first quarter, starting with the most recent to report.
Tencent booked net other gain of 7.585 billion yuan in the quarter, up from 3.19 billion yuan a year ago, mainly due to investment gains in areas including video sharing, news feed, online games and video content creation, it said.
Revenue rose 48 percent to 73.53 billion yuan, beating the 70.93 billion yuan average estimate of 14 analysts, according to Thomson Reuters data.
The company, however, warned that delayed monetization and heavy marketing expenses are expected to hit mobile games revenue in the short term. That represented a 61 percent year-on-year rise. Smartphone games revenues alone were up 68 percent year-on-year to 21.7 billion yuan, thanks to titles such as "Honour of Kings". Operating margin increased to 42% from last year's first quarter of 39%.
Social networks revenues increased by 47% to RMB18.1 billion as WeChat user numbers passed 1.06 billion.
Its gaming business drove revenues at Tencent during the quarter.
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Strong revenue from games and advertising lifted revenue and profit margins at Chinese social media giant Tencent.
The overall online games business was boosted by two major games.
Tencent has rights to operate that game across China but has said as not yet been monetized, highlighting the potential the title has for the future.
Tencent's other retail partners include Carrefour, Walmart, Yonghui Superstores, Vipshop Holdings, Bubugao and JD.com, who are looking to leverage the internet giant's capabilities in mobile payments, customer acquisition and cloud services. The tournament-style game is popular amongst the e-sports, which is competitive video gaming.
The game has gone viral and has over 40 million monthly active users across PC and consoles. Now unavailable in China, it will be launched in the country within the next few months.
Tencent shares have been under pressure and are down around 17 percent from the record high seen in January. The company's investment in original content helped drive paid video subscriptions up 85 percent on the year. WeChat had 1.04 billion monthly active users while the mobile version of QQ - the older of its two social networks - saw users drop 6.4 percent to 805.5 million at the end of the quarter.
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