Tencent Holdings (0700.HKG), China’s largest internet company, reported a 2.8% increase in first-quarter net profit to a record RMB2.95 billion (US$467 million), in line with analyst estimates and indicative of slowing profit growth across the industry, Bloomberg reported. Revenue at the firm rose 52% to RMB9.65 billion. Competitor Sina Corp (SINA.NASDAQ), the operator of the Twitter-like Weibo microblog, posted a first-quarter loss of US$13.7 million, down from profit of US$15 million one year earlier, as it increased spending on its services. Chinese social networking site Renren (RENN.NYSE) also posted earnings this week. The company reported that its net loss widened to US$13.6 million in the quarter, compared to a net loss of US$2.6 million one year ago, while its total revenues grew 56.1% to US$32.1 million. Executives from all three companies attributed slower profit growth in the first-quarter to a general cooling in the advertising industry due to China’s macroeconomic condition.