Tencent 2021Q1 financial report: financial technology and other year-on-year growth of 47%

May 20 news, Tencent released the first quarter of 2021 financial results show that in the first quarter of 2021, Tencent achieved revenue of 135.3 billion yuan (RMB), a year-on-year growth of 25%, the market is expected to 133.754 billion yuan (RMB); Net profit attributable to the parent was 47.767 billion yuan (RMB), up 65% year on year.

WeChat (China version) and WeChat had 1,241.6 million active monthly active accounts at the end of March 2021, a 3.3% increase over 1,202.5 million the previous year.

Tencent financial results also show that WeChat small program to further increase the penetration rate of small and medium-sized enterprises, its ecology is increasingly thriving. The WeChat Low Code Development Platform helps small businesses develop small programs in a more cost-effective way, provides more tools to assist service providers, and the number of active small runs in WeChat services is more than three times higher than this time last year.

In 2020, transactions generated by small programs more than doubled over the course of the year. In 2020, the volume of transactions generated through miniprograms more than doubled from a year earlier. According to the financial report, by the end of 2020, the combined monthly active accounts of WeChat (Chinese version) and WeChat reached 1.225 billion, up 5.2% year on year, while the monthly active accounts of QQ intelligent terminal reached 595 million, down 8.1% year on year.

The growth in fintech services revenue partly reflects the impact of home-based orders in the first quarter of 2020 and longer-term trends in mobile payment usage. The year-over-quarter growth in enterprise services revenue was driven by the recovery of project deployments, increased demand from enterprise software and online video customers, and the merger of Eauto’s enterprise services revenue from the fourth quarter of 2020.

Regarding its growth, Tencent said that as consumption increases and the digital economy expands, mobile payments are becoming more and more popular in China, and our commercial payments have also benefited. Offline payment transactions, especially in retail and catering services, recorded month-on-month growth as people reduced travel and increased spending during the holiday.

WeChat Pay has been helping small and medium merchants in China grow and go digital. Tencent will invest a lot of subsidies, resources and services to help small and medium-sized merchants further reduce operating costs and improve operating efficiency.