Tencent Sees Profit Increase of 61% Thanks to Games Business
18 May, 2018, 09:54 | Author: Billie Castillo
Revenue from Value Added Services, which includes online games and messaging, rose 34 percent to 46.9 billion yuan. Tencent executives have signalled a willingness to sacrifice margins in favour of longer-term growth in new businesses, though that would depend on growing and engaging a massive user base now primarily confined to China.
The overall online games business was boosted by two major games. Tencent has the rights to run the game in China but said that it is "yet to be monetized", highlighting the potential future of the title. While WeChat has just passed the billion-user mark and is trailing the world's largest social network by more than a billion users, the company's financial results are almost on par with Facebook's. The tournament-style game is popular amongst the e-sports, which is competitive video gaming.
That game has gone viral with more than 40 million active users monthly across consoles and PCs. Now not available in China, it is scheduled to be launched there during the next couple of months. Earnings reported in the fourth quarter of 2017 underwhelmed investors and concerns were rising that spending increases could hit margins. Instead, the company delivered record quarterly profit and better-than-expected margins. That's despite the company reporting that capital expenditure in the quarter was up 200 percent to 6.3 billion yuan.
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Profit was also helped by one-time gains of nearly 7.6bn yuan from its investments in arenas like video and news.
Tencent had also entered into an agreement with infrastructure firm China Communications Construction to collaborate on connection, data, and integrating digital information technology to help build China's communications infrastructure under the Belt and Road initiative, according to China Communications' website.
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