TCEHY Tencent Holdings Ltd (PK)

By Wayne Ma

BEIJING-Chinese internet giant Tencent Holdings Ltd. (0700.HK) reported a 61% increase in first-quarter net profit on the continued strength of mobile games and growth in other businesses such as payments and digital-content subscriptions.

Tencent said Wednesday its net profit for the January-March period rose to 23.29 billion yuan (US$3.66 billion) from CNY14.48 billion a year earlier. Analysts polled by S&P Global Market Intelligence expected first-quarter net profit of CNY17.1 billion.

Tencent's revenue for the period rose 48% to CNY73.53 billion from CNY49.55 billion a year ago. Its operating profit was CNY30.69 billion, up 59% from a year earlier.

Shares of the Shenzhen, China-based company, which has a market capitalization of HK$3.75 billion (US$478 million), ended 0.4% lower at HK$397.60 in Hong Kong before the earnings release, off about 2% since the start of this year.

Write to Wayne Ma at Wayne.Ma@wsj.com.

(END) Dow Jones Newswires

May 16, 2018 06:27 ET (10:27 GMT)

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