Chinese social media and gaming company Tencent announced its results for the first quarter on Wednesday, exceeding analysts' expectations and sending its share price soaring. As social media services such as Facebook, Twitter, Instagram and Snapchat While these platforms are not accessible in China, there is a whole ecosystem of social networking and messaging platforms that are very popular in and around China, but hardly known in other parts of the world.
Platforms such as QQ, Qzone and WeChat have hundreds of millions of users and, just like Facebook, Instagram and WhatsApp, are owned by the same company. Their parent company Tencent became China's largest technology company in terms of market capitalisation for the first time in 2016 and is currently in a neck-and-neck race with e-commerce giant Alibaba for this title. As our chart shows, Tencent does not need to shy away from comparison with the world's largest social network.
Although WeChat has just passed the one billion user mark, putting it more than a billion users behind the world's largest social network, the company's financial results are almost on a par with those of Facebook. Tencent reported revenue of $ 11.7 billion and net profit of $ 3.8 billion for the first quarter of 2018, compared to $ 12.0 billion and $ 5.0 billion respectively for Facebook. From an investor's perspective, Tencent has outperformed its American counterpart in the last 12 months: the company's share price has risen by 60 per cent since May 2017, while Facebook's has "only" risen by 23 per cent.
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