Tencent Q1 Profits Up 125%

Tencent Press Release, 5/14/08

Chinese Internet, mobile and telecommunications value-added services provider Tencent (0700.HK) has announced its unaudited financial results for Q1 2008, with net revenues reaching RMB 1.43 bln (USD 204.1 mln), up 85.4% year-on-year and 27.743% quarter-on-quarter.

Net income for the quarter came to RMB 542.0 mln (USD 77.2 mln), up 86.8% YoY and 4.8% QoQ.

Revenues for the quarter from Internet value-added services (IVAS) were RMB 998.7 mln (USD 142.3 mln), up 33.5% QoQ and up 99.0% YoY.

Revenues from wireless value-added services (WVAS) were RMB 288.3 mln (USD 41.1 mln), up 36.3% QoQ and 46.7% YoY.

Revenues from online advertising were RMB 144.6 mln (USD 20.6 mln), down 9.5% QoQ, but up 95.2% YoY.

In addition, total registered Instant Messaging ("IM") user accounts increased to 783.4 million, representing a 5.6% growth QoQ. Active IM user accounts increased 5.9% QoQ to 317.9 mln. Peak concurrent online user accounts for IM services was 40.3 mln, a growth of 11.6% QoQ.

Peak concurrent online user accounts of QQ Games portal (for mini casual games only) was 4.0 mln, an increase of 5.3% QoQ.

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