Tencent Announces 2011 Second Quarter and Interim Results

Tencent Holdings Limited (“Tencent” or the “Company”, SEHK 00700), a leading provider of Internet and mobile & telecommunications value-added services in China, today announced the unaudited consolidated results for the second quarter and the first half year of 2011 ended June 30, 2011.

Highlights of the First Half of 2011:

  • Total revenues were RMB13,077.5 million (USD2,020.7 million(1)), an increase of 47.0% over the first half of year endedJune 30, 2010 (“YoY”).
  • Revenues from Internet value-added services (“IVAS”) were RMB10,637.9 million (USD1,643.8 million), an increase of 52.6% YoY.
  • Revenues from mobile & telecommunications value-added services (“MVAS”) were RMB1,571.6 million (USD242.9 million), an increase of 21.6% YoY.
  • Revenues from online advertising were RMB793.2 million (USD122.6 million), an increase of 31.8% YoY.
  • Gross profit was RMB8,552.1 million (USD1,321,5 million), an increase of 40.6% YoY.  Gross margin decreased to 65.4% from 68.4% for the first half of 2010.
  • Operating profit was RMB6,170.4 million (USD953.5 million), an increase of 36.5% YoY.  Operating margin decreased to 47.2% from 50.8% for the first half of 2010.
  • Non-GAAP operating profit(2) was RMB6,317.8 million (USD976.2 million), an increase of 32.7% YoY.  Non-GAAP operating margin decreased to 48.3% from 53.5% for the first half of 2010.
  • Profit for the period was RMB5,227.5 million (USD807.8 million), an increase of 40.0% YoY.  Net margin decreased to 40.0% from 42.0% for the first half of 2010.
  • Non-GAAP profit for the period(2) was RMB5,296.1 million (USD818.4 million), an increase of 33.4% YoY.  Non-GAAP net margin decreased to 40.5% from 44.6% for the first half of 2010 .
  • Profit attributable to equity holders of the Company was RMB5,219.6 million (USD806.5 million), an increase of 41.1% YoY.
  • Non-GAAP profit attributable to equity holders of the Company(2) was RMB5,271.5 million (USD814.6 million), an increase of 34.0% YoY.
  • Basic earnings per share were RMB2.863.  Diluted earnings per share were RMB2.800.

Highlights of the Second Quarter of 2011:

  • Total revenues were RMB6,739.0 million (USD1,041.3 million), an increase of 6.3% over the first quarter of 2011 (“QoQ”) or an increase of 44.3% over the second quarter of 2010 (“YoY”) .
  • Revenues from IVAS were RMB5,386.6 million (USD832.3 million), an increase of 2.6% QoQ or an increase of 50.4% YoY.
  • Revenues from MVAS were RMB793.8 million (USD122.7 million), an increase of 2.1% QoQ or an increase of 17.8% YoY.
  • Revenues from online advertising were RMB512.3 million (USD79.2 million), an increase of 82.4% QoQ or an increase of 28.9% YoY.
  • Gross profit was RMB4,407.4 million (USD681.0 million), an increase of 6.3% QoQ or an increase of 38.3% YoY.  Gross margin was flat at 65.4% compared with last quarter.
  • Operating profit was RMB2,783.9 million (USD430.2 million), a decrease of 17.8% QoQ or an increase of 17.4% YoY.  Operating margin decreased to 41.3% from 53.4%​​ last quarter.
  • Non-GAAP operating profit(2) was RMB3,197.9 million (USD494.1 million), an increase of 2.5% QoQ or an increase of 27.9% YoY.  Non-GAAP operating margin decreased to 47.5% from 49.2% last quarter.
  • Profit for the period was RMB2,343.3 million (USD362.1 million), a decrease of 18.8% QoQ or an increase of 21.3% YoY.  Net margin decreased to 34.8% from 45.5% last quarter.
  • Non-GAAP profit for the period(2) was RMB2,694.5 million (USD416.4 million), an increase of 3.6% QoQ or an increase of 30.9% YoY.  Non-GAAP net margin decreased to 40.0% from 41.0 % last quarter.
  • Profit attributable to equity holders of the Company for the period was RMB2,349.2 million (USD363.0 million), a decrease of 18.2% QoQ or an increase of 22.6% YoY.
  • Non-GAAP profit attributable to equity holders of the Company for the period(2) was RMB2,686.8 million (USD415.2 million), an increase of 3.9% QoQ or an increase of 31.5% YoY.
  • Basic earnings per share were RMB1.289.  Diluted earnings per share were RMB1.260.
  • Key platform statistics:

    • Active Instant Messaging (“IM”) user accounts increased 4.1% QoQ to 701.9 million
    • Peak simultaneous online IM user accounts decreased 0.4% QoQ to 136.7 million
    • Active Qzone user accounts increased 5.1% QoQ to 530.7 million; active Pengyou user accounts increased 27.5% QoQ to 129.3 million
    • Peak simultaneous online QQ Game (for mini casual games only) user accounts decreased 2.6% QoQ to 7.5 million
    • Fee-based IVAS registered subscriptions increased 5.8% QoQ to 76.5 million
    • Fee-based MVAS registered subscriptions increased 9.6% QoQ to 29.8 million

(1) Figures stated in USD are based on USD1 to RMB6.4716
(2) See ”Non-GAAP Financial Measures” section for more details on the reasons for presenting these measures

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