posted at 04:50
Author: Chris O'Brien
Wed, 12 Nov 2014 12:03:59 +0000
Tencent profits rise 46% in Q3 but fall short of analysts expectations
China-based Internet and gaming giant Tencent reported today that total revenues had jumped 28 percent in the third quarter while profits grew 46 percent. In a press release, the company said it had $3.2 billion in revenue for the quarter and $923 million in profits. "We achieved another quarter of solid growth in our platforms, revenue and earnings," said Ma Huateng, chairman and chief executive of Tencent, in a statement. The company is one of China's high-tech giants, known for its social-messaging platforms, Weixin, WeChat and QQ, as well as its online and PC games. Tencent said social network revenues, led by its WeChat and QQ services, increased by 47 percent from the same quarter a year ago. Online games revenues grew 34 percent from the same quarter a year ago. While revenues were up from a year ago, the company said revenue declined from the previous quarter because of problems implementing a new log-in protocol. Tencent also reported that revenue from e-commerce products fell sharply in the quarter as it continues to shift those products to a new partnership with, China's version of

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