Tencent Holdings, Asia’s biggest technology company, announced a 7% year-on-year rise in quarterly net income. Net income was 6.88bn yuan ($1.1bn) for the period, compared with forecasts of about 6.5bn yuan. Sales grew 22% to 22.4 billion yuan from a year earlier.
Hong Kong listed Tencent competes with e-commerce company Alibaba for mobile users. The company has some of China’s most popular messaging services, including WeChat.