Shortly after hitting US$ 300 billion milestone earlier this month, Chinese internet giant Tencent reported Wednesday better-than expected results for the first quarter of this year ended on March 31, 2017.

The company’s revenue surged 55 percent year-on-year (YOY) to RMB 49.55 billion (around US$ 7.18 billion), beating the market estimation of RMB 46.23 billion (US$ 6.7 billion). The profit for the period was RMB 14.54 billion (US$ 2.10 billion), a 57 percent increase YoY.

Revenue from value-added services, which include online games and social networking services increased by 41 percent to RMB 35.10 billion for 1Q2017 on a YoY basis. Online advertising revenues increased by 47percent to RMB 6.88 billion in the reporting period. Other revenues increased by 224 percent to RMB 7.55 billion, primarily driven by higher revenues from their payment related and cloud services.

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Emma Lee

Emma Lee is Shanghai-based tech writer, covering startups and tech happenings in China and Asia in general. We are looking for stories related to tech and China. Reach her at lixin@technode.com.