Tencent Profit Recovers, Approaches $6 Billion in First Quarter

variety.com:

Patrick Frater Asia Bureau Chief Tencent, the Chinese social media, gaming and streaming giant, enjoyed a 62% gain in profits, earned from a 6% revenue improvement in the first quarter of the year.

Profits between January and March reached RMB42.6 billion ($5.92 billion). That figure also represented a 55% quarter on quarter gain.

Three-month revenues amounted to RMB160 billion ($22.2 billion). “Several of our leading games in China and internationally started to benefit from team reorganizations we put in place, resulting in an increase in games gross receipts and creating a foundation for our games revenue to resume growth in future quarters,” the company said in a regulatory filing statement.

Tencent Video released several popular self-commissioned drama series and animated series, such as the Wong Kar-wai-directed “Blossoms Shanghai,” as well as “The Hunter” and “Perfect World Season 4,” driving an 8% year-on-year increase in long-form video subscriptions.