Fashion
WeChat parent Tencent says its profit soared 54 per cent in the year to December.
Tencent, which also owns instant messaging service QQ, says profit was boosted by breakthroughs in the technology behind online security and mobile payments.
With Facebook banned in mainland China, WeChat is one of the most-used social networking services and has a growing role in providing retail chains with eCommerce and brand marketing touchpoints with consumers in China and beyond.
Shenzhen-based Tencent reported a profit of 23.81 billion yuan (US$3.82 billion) on sales of 78.93 billion yuan, up 31 per cent year-on-year.
Chairman Ma Huateng said its social platforms QQ and WeChat continued to “innovate and grow”. More than 500 million people used WeChat as at the end of 2014 – 41 per cent more than at the end of 2013 – an astonishing figure for an app launched only in 2011.
Online game revenues rose 40 per cent to 44.76 billion yuan with social media revenue up 43 per cent to 18.56 billion yuan.
WeChat users can book and pay for taxis, share text, photos, videos and voice messages and meet strangers by shaking phones or searching for people located close by.
Last year, Tencent launched WeBank, an online bank which has no physical branches.
