Profits Way Up at China’s Tencent As WeChat Goes Global
Posted in: UncategorizedChina’s Tencent, the biggest listed Internet company in Asia, said net income soared 60% in the year’s first quarter, with growth propelled by mobile games and advertising.
The company on Wednesday also reported a jump in users of WeChat, a fast-growing and easy-to-use social app that blends aspects of WhatsApp, Facebook, Instagram and Skype. Now 396 million people use WeChat every month, up 12% from the previous quarter.
Of the world’s Internet companies, Hong Kong-listed Tencent is the fourth biggest by market capitalization, after Facebook, Google and Amazon. The company’s rivalry with e-commerce giant Alibaba has heated up competition and innovation in the Chinese tech sector, and the past quarter has been a busy one for Tencent: It announced it was buying a 20% stake in Dianping (China’s Yelp) and a 15% stake in JD.com, an e-commerce company that, like the much larger Alibaba, is planning an initial public offering in the United States.
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