Tencent, China’s largest internet company by market value, reported lower than expected profits in the third quarter, although net income rose 43 per cent to Rmb10.6bn ($1.54bn), driven mainly by increases in advertising¹ and revenues from social networks.

中国市值最大的互联网公司腾讯(Tencent)报告第三季度利润低于预期，尽管净利润增长43%，至106亿元人民币（合15.4亿美元），主要受到广告业务增长与社交网络收入的推动。

While the figure slightly undershot the Rmb10.7bn estimated by a Bloomberg analyst² poll, overall revenues exceeded predictions at Rmb40bn for the quarter, a 52 per cent increase year-on-year, compared with estimates of Rmb39bn.

尽管这一数据略低于接受彭博(Bloomberg)调查的分析师估计的107亿元人民币，但该季总收入超过预期，达到400亿元人民币，同比增长52%，之前估计为390亿元人民币。

Tencent also reported that growth eased in online advertising revenues, in line with guidance earlier this year predicting a slowdown in spending on ads, as China’s slowing economic growth made brands more cautious.

腾讯还报告，互联网广告收入增速放缓，这与今年早些时候发布的指引相符，当时腾讯预测，随着中国经济增长放缓促使各品牌更为谨慎，广告支出将放缓。

Brands “are keeping more of the budget for the year until they see a clearer picture around the macro economics, said Martin Lau, the company’s president, in May.

今年5月，腾讯总裁刘炽平(Martin Lau)表示，各品牌“在看到更为明朗的宏观经济前景之前将会保留更大一部分年度预算”。

Online ad revenues grew 51 per cent to Rmb7.4bn, compared with 60 per cent in the second quarter and 73 per cent in the first.

今年第三季度，腾讯互联网广告收入增长51%，至74亿元人民币，相比之下第二季度和第一季度分别增长60%和73%。

Among the bright spots, however, were performance-based advertising revenues, where customers pay according to measurable results. They were up 83 per cent to Rmb4.4bn compared with 80 per cent growth the previous quarter. The company attributed this mainly to smartphone messaging app WeChat, the most popular internet app in China with 846m monthly active user accounts, according to Tencent.

然而，效果广告收入是亮点之一，在这种广告模式下，客户根据可衡量效果付费。该业务增长83%，至44亿元人民币，较上一季度增长80%。该公司将这主要归因于智能手机即时信息应用微信(WeChat)，据腾讯称，微信是中国最受欢迎的互联网应用，月度活跃用户账户数量为8.46亿。

Another high growth area was revenues from social networks, up 58 per cent to Rmb9.8bn, compared with 57 per cent last quarter.

另一个高增长领域是社交网络收入，增长58%，至98亿元人民币，而上一季度增长57%。

Hong Kong-listed Tencent’s share price is up 30 per cent this year, and its market capitalisation has surpassed that of its closest rival, New York-listed Alibaba. Tencent is worth $239bn, compared with $217bn for Alibaba.

在香港上市的腾讯股价今年累计上涨30%，市值已超过其在纽约上市的实力最接近的竞争对手阿里巴巴(Alibaba)。腾讯市值为2390亿美元，阿里巴巴为2170亿美元。