Tencent’s Q1: Profit Up 61%, Nearly $1 Billion In Revenues, 700 Million IM Users

Tencent , a major provider of Internet and mobile services in China, this morning revealed earnings for the first quarter of 2011, reporting a better-than-expected 61 percent jump in net income. The company's profit rose to 2.87 billion yuan (roughly $442 million), up from 1.78 billion yuan (roughly $274 million) a year earlier. Total revenues were 6,33 billion yuan (approximately $975 million), an increase of 14.7 percent over the fourth quarter of 2010.