China's Tencent reports 58 percent jump in first-quarter profit

Tencent Holdings Ltd, China's top gaming and social media firm, reported a 58 percent rise in quarterly profit on Wednesday, aided by growth in online games, payment-related services and advertising.

Net profit attributable to the company for the three months ended March 31 was 14.48 billion yuan ($2.10 billion), up from 9.2 billion yuan a year earlier, the company said. That compared with 13.2 billion yuan estimated by 8 analysts, according to a Thomson Reuters poll.

Tencent, whose shares have risen over 35 percent to a record high this year, reported a 55 percent rise in quarterly revenue to 49.55 billion yuan, compared with 32 billion yuan a year earlier.

(REUTERS)