Tencent Holdings (TCEHY) shares were up 6.09% to $43.35 in midday trading Wednesday after the company, China's largest gaming and social media firm, reported second quarter earnings well ahead of expectations.
The company's profit jumped 70% year over year to $2.72 billion while revenue jumped 59% year over year. Both profit and revenue totals were all time highs for the company, which is the most valuable listed firm in Asia.
The beat was driven by a 55% rise in advertising revenue led by a jump in WeChat social media advertising. WeChat now has 963 million monthly active users, a nearly 20% increase from a year ago.
"Honor of Kings," the world's most downloaded mobile game since March according to App Annie, was also a large revenue driver for the company. PC game revenues also increased 29% year over year in the quarter.
Watch More with TheStreet: