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China’s Tencent Sees Profits Up 43% to $4 Billion

Chinese social media giant Tencent reported a 43% increase in net profits for 2014, on revenues that increased by 31%.

Chairman and CEO Pony Ma Huateng said that the company, which owns the Weixin/WeChat and QQ messaging services, has made progress with its ‘Connection strategy’ of linking its massive user base to content, technology and services.

During the last year it struck or renewed deals with online literature authors, HBO, the NBA, Sony Music, Warner Music, and Korea’s YG Entertainment.

At the end of the year QQ had an unchanged 815 million monthly active users, while WeChat enjoyed a 41% increase to 500 million.

Profits in the 12 month period to end of December were RMB24.4 billion (US$3.99 billion), achieved on total revenues of RMB78,9 billion US$12.9 billion). Net cash stood at RMB22.8 billion (US$3.79 billion) at the end of the year.

While some financial analysts were initially cool to the results, the company’s shares rose by 6.9% on Thursday (March 19) to an all time record high of HK$145.30. That gave Tencent a market capitalization of HK$1.34 trillion ($173 billion).

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