The combined MAU of Weixin and WeChat amounted to 1.040 billion, up 10.9 percent year-on-year and from 989 million sequentially.
"It is a matter of a fact that the competition is actually very heavy, there have been a lot of subsidies provided in the market by our market peers, and as a result we have to follow suit", Tencent President Martin Lau said on an earnings call. Asia's largest company by market capitalization, Tencent reported $14 billion debt at the end of March, compared with $16 billion of cash at the same time past year.
This is actually a low-risk strategy to participate in growth opportunities. It said total revenues grew 48% from a year earlier to 73.528 billion yuan ($11.7 billion). Fortnite has been developed by video game developer Epic Games who Tencent has a stake in - the game is now unavailable in China, but there are plans to launch the game in the region in the coming months.
Powered by mobile games, Tencent's online games division raked in 28.8 billion yuan in revenue in the first quarter, posting a 26 percent year-on-year gain. Finally, a fourth game - QQ Speed Mobile - showed promising revenue after being taken from PC to mobile. "Media advertising revenues increased by 31% to RMB3.30 billion, primarily driven by revenue growth from Tencent Video due to an increase in video views, and new advertising formats within original productions". Tencent has exclusive release rights for PUBG in China but says the game is "yet to be monetized", implying future additional revenue stream from the title.
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In response, Tencent's ADR soared 6.83 per cent higher in NY on Wednesday to HK$422.29 after conversion from USA dollars. The company is once again worth more than half a trillion dollars.
Tencent's PC games reported flat revenue of 14.1 billion yuan.
This helps explain why it's remained one of the world's most loved stocks by analysts, with none recommending selling for more than two years.
In late 2017, Tencent Holdings Ltd. became Asia's most highly-valued tech company and the region's second-most valuable public company (behind Alibaba) as the first firm to cross the $500 billion mark.