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Tencent continues to reign as world's largest games company

Chinese gaming giant Tencent has reported profits in excess of $1bn in its first financial quarter.

Profits reached $1.1bn, up eight per cent year-on-year, while revenues jumped 22 per cent at $3.65bn. Operating profit climbed 20 per cent to $1.5bn.

Online game revenue grew 29 per cent to $2.1bn while social network revenues grew by 32 per cent to $856m. Smartphone revenues shot up by 82 per cent to $700m. League of Legends enjoyed what was described as “healthy” year-on-year growth.

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