Chinese internet giant Tencent (TCEHY) continues to fire on all cylinders.
On Wednesday it reported third-quarter revenue growth of 52% and earnings growth of 40% year over year as its social advertising business and mobile game divisions continued to grow rapidly.
Tencent Chairman and CEO Ma Huateng said its online payment and cloud-based services also saw significant progress in adoption and usage during the third quarter.
Shenzhen-based Tencent is Asia's largest internet company and is best known for China's one-stop mobile communications and commerce platform WeChat. Like fellow Chinese giant Alibaba (BABA) , Tencent looks beyond its definition of an internet company and constantly tries to expand by investing in cloud computing technology, online finance and video streaming.
In an effort to tap into the purchasing power of its 846 million monthly active users on WeChat, the company in 2014 introduced a mobile wallet function called WeChat Pay, which can be used for a variety of online and offline transactions. These include game subscriptions, movie tickets and utilities bills, as well as virtual red envelopes stuffed with electronic cash for friends and family to exchange on Chinese New Year, a big tradition in China.