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Tencent Revenue Exceeds $1 Billion In Second Fiscal Quarter

Chinese internet and mobile game company Tencent reported significantly increased revenues and profits for its second fiscal quarter, driven in part by the company's online games and services.
Chinese internet and mobile game company Tencent reported significantly increased revenues and profits for its second fiscal quarter, driven in part by the its online games and services. Tencent specifically noted that its online game revenues increased thanks to recent expansion packs for its Chinese-distributed MMO Dungeon and Fighter (owned by Korean firm Nexon and developer NeoPle), and the increased monetization of its QQ Game platform and the online racing title QQ Speed. For the quarter ended June 30, 2011, the company's internet division brought in revenues of $832.3 million (RMB 5.39 billion), up 50.4 percent from the same period year over year. Over in Tencent's mobile division, which deals in the company's mobile social games, revenues reached $122.7 million (RMB 794 million), a 17.8 percent increase from the same period in 2010. Across all its divisions, Tencent saw revenues of $1.04 billion (RMB 6.7 billion), a 44.3 percent increase for the same period year over year. The company's overall profits for the quarter reached $362.1 million, an 18.8 percent jump year over year. "Despite a seasonally weaker period, we achieved solid growth in both operational and financial metrics in the second quarter of 2011," Tencent chairman and CEO Ma Huateng said in a statement. Earlier this year, Tencent announced a number of partnerships with companies in the social and mobile space, including CityVille developer Zynga, Japanese mobile gaming network Gree, and Chinese smartphone publisher UltiZen Games. In February, the company also announced that it had acquired a majority stake in the L.A.-based League of Legends developer Riot Games.

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