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: Clooney slams skittish Hollywood after Sony hack

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

Clooney slams skittish Hollywood after Sony hack

2 hours ago

Film star George Clooney slammed the Hollywood movie industry for failing to stand up against the cyber threats that prompted Sony Pictures to cancel release of the movie "The Interview."

Atos shares soar after Xerox acquisition

4 hours ago

Shares in French tech firm Atos soared nearly five percent on Friday as traders cheered the news it had bought the IT wing of Xerox for more than $1 billion.

Two more former Sony workers sue over data breach

21 hours ago

Two more former employees of Sony Pictures Entertainment are suing the company over the massive data breach in which their personal and financial information was stolen and posted online.

Constantly changing online prices stump shoppers

22 hours ago

Online shopping has become as volatile as stock market trading. Wild, minute-by-minute price swings on everything from clothes to TVs have made it difficult for holiday shoppers to "buy low."

User comments : 0

Please sign in to add a comment. Registration is free, and takes less than a minute. Read more

Click here to reset your password.
Sign in to get notified via email when new comments are made.