Its revenue also recorded a 25% year-on-year increase to RMB135b.
Tech giant Tencent Holdings Limited reported its profit attributable to shareholders climbed 65% to $57.62b (RMB47.76b) in the first quarter of the year, compared to the same quarter in 2020.
Revenues during the quarter amounted to $162.8b (RMB135b), up by 25% year-on year and by 1% from the previous quarter.
“We achieved notable growth for our business services as well as online advertising revenue streams, while stepping up our investment in areas including business services and enterprise software, high-production-value games, and short-form video,” the company said.
Revenue from games increased 17% to $52.6b (RMB43.6b), attributed to revenue growth from mobile games worldwide, such as Honour of Kings, PUBG Mobile, and Peacekeeper Elite.
The company noted its aggregate user engagement and user spending increased YoY despite high base due to the impact of the stay-at-home setup.
For this year, Tencent will continue investments in game development, particularly in new types of games that serve more targeted audiences.
Social networks revenue also rose 15% to $34.7b (RMB28.8b) due to a moderate growth from digital content subscriptions as well as in-game virtual item sales.
Moreover, online advertising revenues climbed 23% to $26.3 (RMB21.8b) as eCommerce platforms, education and fast-moving consumer goods saw higher demand.
Tencent’s FinTech and Business Services segment, meanwhile, gained 47% to $47b (RMB39b) during the same period.
The company added that it will make further investments in headcount, and infrastructure to support the rapid growth of business.
“We will invest an initial capital of $60b (RMB50b), to be funded by our investment gains, in areas including basic science, education innovation, rural revitalisation, carbon neutrality, food/energy/water provision, assisting with public emergencies, technology for senior citizens and public welfare,” Tencent said.
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