BUSINESS Tencent reports 65% profit rise in Q1


Tencent reports 65% profit rise in Q1

Global Times

21:34, May 20, 2021

Photo: VCG

Chinese technology giant Tencent Holdings achieved a 65-percent year-on-year rise in its first-quarter profit to 47.76 billion yuan ($7.42 billion), according to its financial report released on Thursday.

Revenue increased 25 percent from the same period last year to135.3 billion yuan, it said.

Tencent is the world's biggest gaming firm by revenue, and it is also the operator of WeChat, the biggest social media outlet in China.

In the first quarter, Tencent said that revenue generated from online games rose 17 percent, and the number of monthly active users reached 1.24 billion, up 3.3 percent year-on-year.

The company has been under government scrutiny for anti-trust behavior. On Tuesday, Tencent Music, the company's music-streaming platform, said that it is facing tighter supervision and that it is actively cooperating with the antitrust regulator.

In the first quarter, Tencent Music generated 7.82 billion yuan of revenue, up 24 percent year-on-year.

Revenue from online music subscriptions increased 40.2 percent to 1.69 billion yuan, according to the financial report.

Global Times

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