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Tencent (0700.HK) 1Q18 Results: Strong Revenue Growth Driven by Gaming; WeChat MAU Surpass 1 Billion

Executive Summary

  • Tencent reported 1Q18 revenues of ¥73.5 billion ($11.7 billion), up 48% year over year. Non-GAAP diluted EPS was ¥1.92, an increase of 28.2% year over year. The solid results were largely driven by gaming and online advertising.
  • Value-added services (VAS) revenues, which accounted for over 60% of total revenues, increased by 33.5% year over year. The increase was mainly driven by strong growth from smartphone games.
  • Online advertising revenues were up 55% year over year to ¥10.7 billion, thanks to an expanded advertiser base boosting advertising fill rates in Weixin Moments and higher cost per click for the mobile advertising network.

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