China’s biggest tech company in terms of revenue, Tencent (HKG:0700), has just revealed its 2012 Q2 and half-year financial results. The stats show the company – which has stakes in gaming, social media, e-commerce, and more – growing yet further. Revenue for the quarter stood at 10.53 billion RMB (US$1.66 billion), up 56.2 percent on the same time last year. Operating profits for the same period were 3.94 billion RMB ($622.8 million).
In terms of 2012 H1 figures, that’s 20.18 billion RMB ($3.19 billion) in revenues, with 7.63 billion ($1.21 billion) in operating profits.
Tencent, in its announcement this afternoon, described its online advertising business as having achieved “a significant year-on-year growth rate, due to new platform contributions and market share gains in key advertiser categories.” Ad revenues grew to $224.5 million in the first half of 2012, up 79 percent year-on-year.
Its online services, including social gaming revenues, were also lauded for their growth, climbing 42.6 percent from 2011 H2 to now hit $2.4 billion. Earlier this week we reported that Tencent’s QQ platform for IM and gaming has 30 million paying users, and their cash is evident in that impressive number. Tencent pointed out that “QQ membership subscriptions revenue also contributed to the increase.” Regular readers will know that Tencent is the market leader in both casual and MMO games in China, with a 33.7 percent slice of this juicy pie.
It wasn’t all good news, as Tencent described its growth in mobile services as “modest.”
As for e-commerce, there was no comparative figure to go by as Tencent’s e-tailing efforts have changed a lot in the past year with its launch of QQ Buy. We recently looked at how it has already become China’s third-largest B2C e-commerce site. Its revenues for 2012 H1 were $254.6 million.