Tencent revenues rise to $4.5 billion

Tencent revenues rise to $4.5 billion
Seth Tipps

By Seth Tipps

August 15th 2013 at 8:05AM

Profits up 28 percent, driven by growth in online games and advertising

Tencent has revealed the financial results for the six month period ended June 30, showing a 38 percent growth in revenues from last year.

The Chinese company has been rapidly expanding its mobile and online games efforts, and has several deals in place with big name Western game makers.

"The second-quarter performance was driven by our online games and advertising businesses, resulting in a solid financial performance, including healthy profits and free cash flow growth on year-on-year basis," said Tencent CEO and chairman Ma Huateng.

The growth in revenue brought total sales for the period to $4.52 billion, and profits rose 28 percent year-over-year to hit $1.3 billion.

Microblogging service Mobile QQ, blogging service Mobile Qzone, and Weixin/WeChat are all Tencent properties, and recently the company began integrating them into its games.

"Our recent launch of the first mobile game integrated with Mobile QQ and Weixin (WeChat) generated widespread user excitement, exhibiting our platform strength, highly engaged social community and game execution capability," said Huateng.

“We will continue to increase our investment in mobile apps in order to reinforce our position in China, and to extend our presence to international markets through WeChat."