Tencent revenues rise 48% on mobile gaming

Tencent, the Chinese social media group, reported a 43% rise in net income to Rmb41.4bn ($6bn) as its top grossing Honor of Kings continued to dominate domestic gaming charts, the Financial Times reports. The company flunked analyst expectations, which called for net income of Rmb44.1bn. Fourth quarter results also came in slightly below expectations, with net income of Rmb10.5bn against expectations of Rmb11bn. But total revenues rose 48% over the year to Rmb151.9bn. The numbers confirm Tencent’s role as an ecosystem of gaming, chatting and payments – alongside a plethora of other activities such as music and reading – in China. Online games revenues increased by 25% to Rmb70.8bn, driven largely by revenue growth from Tencent’s smart phone games such as Honor of Kings, Cross Fire Mobile and JX Mobile.