The Chinese tech giant and owner of “everything app”, WeChat, reported total revenues of 135.3 billion yuan ($20.6 billion) for the first quarter ending March 31, an increase of 25 percent year-on-year. Operating profit was 42.8 billion yuan ($6.5 billion), an increase of 20 percent on the year.
Though gaming remains the most profitable part of Tencent’s business, revenues from online advertising grew more dramatically, up 23 percent to 21.8 billion yuan ($3.39 billion) for the first quarter, compared to the same period last year.
Recognising the boom in video content in China’s social media sphere recently, Tencent’s WeChat has added more video and livestreaming functions over the past year, and said its video accounts are gaining traction with audiences and content creators.
Looking ahead, Tencent also revealed that short-video would be one of three areas in which it’s looking to grow its base of investments over the coming year, alongside gaming and business services.