China's Tencent posts Q2 profit surge

Aug 15, 2012

Chinese Internet giant Tencent posted a second-quarter net profit increase of 32 percent on Wednesday, despite a decelerating domestic economy.

Tencent reported a net profit of 3.1 billion yuan ($487.2 million) compared with last year's 2.35 billion yuan in the three months ended June 30, and posted healthy year-on-year improvements in revenues, earnings and cash flow.

"We believe we are uniquely positioned in the China Internet market because of our leadership across multiple media platforms and our ability to provide cross-platform integration and user benefits," the company said in a statement.

"During the second quarter of 2012, we expanded our platforms and deepened our media influence," said the company, which saw a 56.2 percent increase in revenue.

Tencent, which is listed in Hong Kong and based in the southern Chinese export hub of Shenzhen, operates various online and services, including instant messaging service QQ, Microblog and web portal QQ.com.

The group also operates a popular online gaming platform and bought a majority stake in US online game developer Riot Games last year.

China is the world's biggest Internet market with over 500 million web users, according to the latest official count.

Explore further: Sony forecasts $2B loss as smartphones lag (Update)

add to favorites email to friend print save as pdf

Related Stories

China web giant Tencent buys into film maker

May 10, 2011

Chinese Internet giant Tencent has bought a 4.6 percent stake in mainland film and TV producer Huayi Brothers Media to look at possible ways to combine film and new media, the firms said Tuesday.

China's Tencent buys US Riot Games majority stake

Feb 06, 2011

Chinese Internet firm Tencent has taken a majority stake in US online game developer Riot Games less than two weeks after announcing plans to launch a $760 million fund to invest in such companies.

China's Tencent launches English microblog site

Oct 11, 2011

Chinese Internet giant Tencent has launched an English version of its Twitter-like microblogging service in a push to tap the overseas market, the official Xinhua news agency reported Tuesday.

Zynga and Tencent launch China online game

Jul 26, 2011

US social games star Zynga made its debut in Mainland China with a localized "Zynga City" title launched in an alliance with leading Chinese Internet service Tencent.

Recommended for you

Alibaba's plan: Today, China. Tomorrow, the world.

6 hours ago

Amazon and eBay should watch their backs. As Chinese e-commerce powerhouse Alibaba readies what could be the biggest initial public offering ever on the New York Stock Exchange, it is quietly hinting at plans ...

News Corp opposes Google in EU antitrust case

9 hours ago

The media conglomerate controlled by Rupert Murdoch is joining the fray in Google's protracted European antitrust case, saying the technology company unfairly distorts competition.

Apple iPhone lacks 'key' licence in China

11 hours ago

Apple's iPhone 6 still lacks a key network access licence in China, state media confirmed Thursday on the eve of its global launch, breaking official silence on why sales of the smartphone will be delayed.

User comments : 0