Tencent posted total revenues of CNY 135.3 billion (approximately USD 20.6 billion) for the first quarter of this year, which represents an increase of 25 percent year-on-year. Revenues from VAS grew 16 percent to CNY 72.4 billion, while games revenues climbed 17 percent to CNY 43.6 billion, primarily due to revenue growth from Tencent mobile games worldwide, including Honour of Kings, PUBG Mobile, and Peacekeeper Elite, as well as recently launched titles such as Moonlight Blade Mobile.
Total mobile games revenues (including mobile games revenues attributable to Tencent’s social networks business) were CNY 41.5 billion and PC client games revenues were CNY 11.9 billion for the first quarter of 2021.
Social networks revenues rose 15 percent to CNY 28.8 billion, due to moderate growth from digital content subscriptions, as well as from in-game virtual item sales, the company said.
Tencent saw its EBITDA grow 17 percent year-on-year to CNY 49.4 billion in the first quarter of this year. Capital expenditures amounted to CNY 7.7 billion, up 26 percent year-on-year, while free cash flow was CNY 33.2 billion, down 15 percent year-on-year. Tencent ended March with net cash of CNY 5.6 billion.
