The number of monthly active users (MAU) of WeChat grew% to 1,288 million in the first quarter of 2022, according to Tencent’s quarterly results. Smart device MAU of QQ was 564 million.
Mini Programs exceeded 500 million DAU and sustained rapid growth in gross merchandise value with deepened penetration in retail, dining and municipal services. Read more on Mini Programs here. Or, find out more on WeChat here.
Tencent’s total revenues were RMB135.5 billion (USD21.3 billion), with no program YoY. Profit for the period was RMB23.7 billion (USD3.7 billion), a decrease of 52% YoY. Net margin decreased to 18% from 36%.
Revenues from Online Advertising decreased by 18% to RMB18.0 billion for the first quarter of 2022. Media advertising revenues decreased by 30% to RMB2.3 billion.
Social Networks revenues grew by 1% to RMB29.1 billion, reflecting increased revenue from its Video Accounts live streaming service, largely offset by decreased revenues from music- and games-related live streaming services.
Revenues from FinTech and Business Services increased by 10% to RMB42.8 billion.
Basic earnings per share were RMB2.455. Diluted earnings per share were RMB2.404. Total cash were RMB304.1 billion (USD47.9 billion) at the end of the period.
In Q1 2022, Tencent implemented cost control initiatives and rationalized certain non-core businesses, which would enable them to achieve a more optimized cost structure going forward.
Tencent utilized tools such as Mini Programs, Tencent Meeting, and WeCom to help enterprises and consumers weather the resurgence of COVID-19 in China, and continued investing in strategic growth areas including enterprise software, Video Accounts and international games.
Mobile reach in China: Tencent, Alibaba, Baidu, ByteDance, vs. Kuaishou