CHINA China's major internet firms maintain revenue growth in Q1


China's major internet firms maintain revenue growth in Q1


16:51, May 03, 2020

BEIJING, May 3 (Xinhua) - China's major internet and related services companies have maintained business revenue growth in the first quarter (Q1) of the year amid the novel coronavirus disease (COVID-19) epidemic, official data showed.

timg (1).jpg

(File photo via weibo)

Their total revenue reached 215.3 billion yuan (about 30.5 billion U.S. dollars) during the January-March period, up 1.5 percent year on year, according to the Ministry of Industry and Information Technology (MIIT).

The growth rate was 15.8 percentage points lower than in the same period last year.

Profit of the industry continued to shrink, declining 24.9 percent from a year earlier to 18.44 billion yuan.

Meanwhile, the sector's spending on research and development neared 12.1 billion yuan, basically flat from Q1 last year.

Information services raked in an income of 146.6 billion yuan, up 11.1 percent year on year and accounting for 68.1 percent of the industry's total revenue.

The MIIT statistics cover enterprises with annual revenue from internet services of above 3 million yuan in the previous year. Enditem

Terms of Service & Privacy Policy

We have updated our privacy policy to comply with the latest laws and regulations. The updated policy explains the mechanism of how we collect and treat your personal data. You can learn more about the rights you have by reading our terms of service. Please read them carefully. By clicking AGREE, you indicate that you have read and agreed to our privacy policies

Agree and continue