Tencent Q1 net profit up 2.8%

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Chinese online game and messaging company Tencent Holdings Ltd. said Wednesday its first-quarter net profit rose 2.8% from a year earlier, driven by higher revenue from online advertising and gaming.

The blue-chip company said its net profit for the three months ended March 31 was CNY2.95 billion ($466 million), up from CNY2.87 billion a year earlier.
Tencent’s net profit was above the average CNY2.92 billion forecast of eight analysts polled earlier by Thomson Reuters.
Revenue rose 52.2% to CNY9.65 billion from CNY6.34 billion, and was above the average CNY8.62 billion forecast in the poll.
Shenzhen-based Tencent operates online games including shooting game Cross Fire as well as platforms including instant-messaging service QQ, web portal QQ.com, games portal QQ Game and social-networking site Qzone.