Tencent Holdings' net profit for the first quarter was 29.4 billion yuan, compared with 27.856 billion yuan a year earlier, up 6 percent.
Its first quarter revenue was 1080 billion yuan, compared to 854.65 billion yuan in the same period last year, an increase of 26%.
Tencent's first quarter online game revenue grew 31% to RMB 37.298 billion. The increase primarily reflects revenue contributions from domestic smartphone games, including Peace Elite and King's Glory, and increased contributions from overseas games.
In the first quarter of 2020, total revenue from smartphone games (including smartphone games revenue attributable to Tencent's social networking business) and PC client games amounted to RMB34,756 million and RMB11,795 million, respectively.
Social network revenue grew 23% to RMB 25,131 million. The growth was primarily driven by sales of game virtual props and increased revenue contributions from digital content services, including music streaming and video streaming subscriptions.
