Tencent sees revenues from mobile, social increase as net profit rises 16% to $467.7 million in Q1 2012

Chinese internet services giant Tencent reported total revenues of 9.64 billion yuan ($1.53 billion) for the first quarter of 2012, up 21.8 percent quarter-over-quarter and 5.2 percent year-over-year.  Net profit for the quarter was 2.96 billion yuan ($467.7 million) up 16 percent from the company’s Q4 2011 net profit of 2.55 billion ($402.9 million).

The company was once again the No. 1 social network in China by monthly active users. Tencent reported 576.7 million active user accounts on its QZone virtual identity social network, up 9.7 percent year-on-year. Pengyou, the company’s real-name social network saw active user accounts increase to 214.5 million, up 30.2 percent year-on-year. The company did not break out detailed monthly active or daily active user accounts.

Revenues on Tencent’s community and open platforms (which includes QZone and Pengyou) increased 6.0 percent quarter-over-quarter to 2.06 billion yuan ($325.5 million). The company credited the increase to what it called “a significant increase” in item-based sales within applications on its open platforms.

Over the past year Tencent has been aggressively courting international developers to EA, Zynga and Crowdstar to bring hit Western titles to its platform, and appears to be emerging at the platform of choice for social game developers looking to set up in China. The company’s major rival in the space, Renren recently revealed only 19.3 percent of its registered users were active on a monthly basis.

Tencent’s revenues from mobile and telecommunications value-added services rose to 913.8 million yuan ($145.2 million), an increase of 7.0 percent quarter-over-quarter and 17.5 percent year-on-year. Over the past year Tencent has been trying to increase the importance of mobile games and apps in its business.

Tencent’s shares are currently trading at 224 Hong Kong dollars ($28.84), giving the company, which is one of the largest publicly traded technology firms in the world, a market capitalization of 412.83 billion Hong Kong dollars ($53.15 billion).

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