The numbers for one of China’s largest internet companies are in. Tencent released two financial reports on May 16th: the unaudited results of the first quarter of 2018 and audited year-round performance as of March 31, 2018.

Tencent’s Chairman and CEO Pony Ma (Ma Huateng), President Martin Lau (Chi Ping Lau), Chief Strategy Officer James Michelle, and CFO John Lo (Shek Hon Lo) presented the report to analysts during a phone call on May 17th.

One of the main topics of the meeting was mobile payments, TechNode’s Chinese sister site is reporting. WeChat Pay saw three-digit growth during Q1 of this year while gross margin ratio reached 25%. But Tencent is facing challenges: new regulations on mobile payments were introduced April 1st and the rivalry with Alibaba’s own mobile payment system is heating up.

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Masha Borak

Masha Borak is a technology reporter based in Beijing. Write to her at masha.borak [at] technode.com. Pitches with the word "disruptive" will be ignored. Read a good book - learn some more adjectives.