Profits and revenues surge at Tencent

Chinese internet gaming giant Tencent has reported significant increases to its profits and revenues for the quarter ending September.

Net income climbed 32 per cent year-on-year to $1.2bn. Revenues increased by 34 per cent to $4.18bn. Overall online game revenues grew 28 per cent while smartphone revenues jumped 60 per cent. Online advertising revenue doubled to $769m.

There were big successes for its WeChat messaging service, too, which now has 650m monthly users. Its mobile messaging app QQ has 639m users.

Tencent owns League of Legends developer Riot Games and Miniclip, and has stakes in Epic Games, Robot Entertainment, Glu Mobile and others.

It is currently the world’s largest games company.