BEIJING, May 13 (Reuters) - Tencent Holdings Ltd, China’s biggest social network and online entertainment firm, posted first quarter revenue that beat analyst estimates due to strong growth from its PC and mobile video games business.
Revenue for the quarter ending March rose 21.7 percent year-on-year to 22.4 billion yuan ($3.61 billion), above forecasts of 22.01 billion yuan, according to a Thomson Reuters SmartEstimate poll of 11 analysts.
Tencent’s net income climbed a higher-than-expected 6.6 percent to 6.9 billion yuan. Global monthly active users of its WeChat messaging service, China’s most popular mobile app, rose to 549 million from 500 million in the previous quarter, as the social network solidified its dominance in the market despite slowing smartphone sales.
Tencent shares were down 0.13 percent in trading on Wednesday, versus a 0.58 percent fall in the Hang Seng Index . ($1 = 6.2043 Chinese yuan renminbi) (Reporting by Paul Carsten; Editing by Miral Fahmy)