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: Amazon launches grocery service for Prime members

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

Amazon launches grocery service for Prime members

35 minutes ago

Amazon is taking aim at grocery stores and discounters like Wal-Mart with a grocery service that lets its Prime loyalty club members fill up to a 45-pound box with groceries and get it shipped for a flat rate of $5.99.

Facebook buys fitness app Moves

4 hours ago

Facebook has bought the fitness app Moves, which helps users monitor daily physical activity and their calorie counts on a smartphone.

SK Hynix posts Q1 surge in net profit

11 hours ago

South Korea's SK Hynix Inc said Thursday its first-quarter net profit surged nearly 350 percent from the previous year on a spike in sales of PC memory chips.

Zynga founder Pincus leaving operations role

23 hours ago

Online game maker Zynga says company founder Mark Pincus is stepping down as chief product officer, less than a year after he was replaced as the company's CEO.

User comments : 0

More news stories

Amazon launches grocery service for Prime members

Amazon is taking aim at grocery stores and discounters like Wal-Mart with a grocery service that lets its Prime loyalty club members fill up to a 45-pound box with groceries and get it shipped for a flat rate of $5.99.

Facebook buys fitness app Moves

Facebook has bought the fitness app Moves, which helps users monitor daily physical activity and their calorie counts on a smartphone.

Study links California drought to global warming

While researchers have sometimes connected weather extremes to man-made global warming, usually it is not done in real time. Now a study is asserting a link between climate change and both the intensifying California drought ...