VAS revenues advanced 44 percent to CNY 11.96 billion, reflecting growth in mobile games on the social networks Weixin and Mobile QQ. Social networks revenues grew by 50 percent to CNY 5.17 billion on increased in-game items sales and higher paid subscriptions. Online advertising revenues went up 75 percent to CNY 2.63 billion, while at e-commerce, revenues fell 87 percent to CNY 446 million after the repositioning of the business with JD.com.
Adjusted EBITDA reached CNY 8.42 billion in Q4, up 54 percent year-on-year, and capex amounted to CNY 1.60 billion, down 5 percent. The company ended the year with total cash of CNY 22.76 billion, down 37 percent from the end of 2013 as a number of strategic investments offset increased cash flow.
Tencent reached the milestone of 500 million monthly active Weixin and WeChat accounts at the end of 2014, an increase of 41 percent over the year. Monthly active Qzone accounts rose 5 percent in the year to 654 million, and QQ counted 815 million monthly users, up 1 percent from 2013. Of the total, 563 million QQ users and 540 million Qzone users were on mobile devices. Fee-based VAS subscriptions were down 6 percent in 2014 to 84 million.
