China-based technology company Tencent Holdings Ltd. (OTC:TCEHY) has reported strong financial results for the first quarter of fiscal 2018 on Wednesday.
Total revenue of the company increased by 43% compared to the first quarter of 2017 and reached approximately $11.7 billion USD.
Other significant values for this quarter include a rise in total and operating profit, with operating income rising by nearly 59% year-over-year to approximately $4.9 billion and overall profit increasing by 65% year-over-year to $3.8 billion.
According to Tencent Holdings Chairman and CEO, Ma Huateng, the company was able to drive “adoption of [Tencent Holdings] infrastructure services, seeing notable progress in areas such as mobile payment, cloud services, online financial services, and smart retail.
In addition, the company plans to “continue to invest in improving [their] own products as well as enabling services for [their] partners, in order to fulfill [their] mission of enhancing the quality of life through Internet services.”
Tencent Holdings has also recently established itself in the “tactical tournament genre,” which includes the release of the popular game Fortnite that was developed by its investee company Epic Games.
Fornite became one of the top grossing games in the iOS App Store in the US after the mobile version was first released in March. The game is also available for PC and console.
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Smartphone games also attributed to approximately $3.4 billion of the company’s total revenue. Currently, Tencent Holdings has stated that they plan to expand on PC game franchises shortly.
The company also saw an increase in the communications, digital content, online advertising, and online games sectors.
After the announcement, the share value of Tencent Holdings rose 6.83% and closed at $53.80 on Wednesday. The company was also able to reach a high share value of $54.36 and a low of $52.71.
Comparatively, the closing value for the company was $50.36 on Tuesday.
Featured Image: twitter
