Tencent has posted a record 32% profit gain in the third quarter bolstered by mobile games and advertising revenue, as the company puts aside last quarter’s concerns of a shrinking mobile game market and a slowing economy.

The company’s net profit rose to 7.45 billion yuan in the three months preceding September, while total revenue jumped 34% to 26.59 billion yuan ($4.17 billion USD). The company’s social networks business, which includes WeChat and QQ services, grew 32% year over year, while advertising revenue jumped 102% to 4,938 million yuan.

Tencent’s report cited an increase in digital content subscription services as one of the reasons behind the growth of their social networks. The company has been aggressively extending into subscription services as market rival Alibaba makes similar investments.

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Cate Cadell

Cate is a tech writer. She worked as a journalist in Australia, Mongolia and Myanmar. You can reach her (in Chinese or English) at: @catecadell or catecadell@technode.com