Tencent Q4 net income up 12.9 pct, slowest growth since early 2012
BEIJING, March 19
BEIJING, March 19 (Reuters) - Tencent Holdings Ltd , China's biggest listed tech firm, saw fourth quarter net income rise 12.9 percent, its slowest pace in seven quarters, as selling and marketing expenses rose.
Net income for the quarter ending December was 3.91 billion yuan ($631.46 million), in line with analyst estimates of 3.97 billion yuan.
Tencent's revenues climbed 40 percent to 16.97 billion yuan ($2.74 billion), as the company gained ground in e-commerce which accounted for one-fifth of revenues in the last three months of 2013 versus 15 percent of revenues in the previous quarter.
But selling and marketing expenses jumped 39 percent to 2 billion yuan in the fourth quarter from the previous quarter.
Global monthly active users of Tencent's WeChat, China's most widely used mobile chatting app, rose 5.7 percent from the previous quarter to 355 million, its slowest rate of growth as the company revised up its user numbers from the previous quarter.
Before the results were announced, Tencent shares closed down 1.82 percent in trading on Wednesday, versus a 0.07 percent fall in the Hang Seng Index. ($1 = 6.1920 Chinese Yuan) (Reporting by Paul Carsten; Editing by Miral Fahmy)