Chinese internet companies continue their global march as Tencent crosses $500 billion in valuation after two decades of existence. The internet giant becomes the first Chinese firm to achieve this feat, surging ahead of e-commerce major Alibaba that is valued at $474 billion. Tencent also joins an august league of internet companies in the “half-a-trillion-dollar club” that includes Apple, Amazon, Alphabet, Facebook and Microsoft, TechCrunch reported. Also Read - Happy Dusshera 2021 messages, images, stickers, quotes: How to create, send Happy Vijayadashami greetings via WhatsApp
This comes shortly after Tencent posted a $2.7 billion profit on revenues of $9.8 billion in the third quarter of 2017. Overall profit grew 69 percent year-on-year, and revenue increased by 61 percent riding on Tencent’s flourishing gaming business that contributed $5 billion to the topline. Tencent’s share price on Hong Kong Stock Exchange has doubled too due to its impressive Q3 numbers. Also Read - What is WhatsApp end-to-end encrypted backups, How to enable it?
The PC and mobile gaming unit received a fillip from viral success like Honor of Kings that was 2017’s top grossing game worldwide, according to Bloomberg. In February, the game clocked 80 million daily users. And users on WeChat and QQ were so addicted to it that they were compulsively spending dollars on upgrades, and in-game purchases. The game is slated to debut in the US in 2018. This year, Tencent also acquired the creators of viral hits Clash Of Clans (Supercell), and League Of Legends (Riot Games), thereby giving its gaming division more muscle. Also Read - Facebook's FB Gaming Press Start virtual event announced: First ever event for gamers in India
Besides gaming, Tencent’s other trump card is social messaging-cum-payments service WeChat that has nearly a billion users, second only to Facebook-owned WhatsApp. Its Netflix equivalent, Tencent Video, is now the top video-streaming service in China with a paid subscriber base of 43 million. Additionally, 2017 saw Tencent step up its investments in a host of Indian startups from Flipkart and Ola to Hike and Practo. It has also inked deals in hot US companies Snap Inc. (creator of Snapchat) and Tesla, signalling its interest in futuristic technologies.