Net profit attributable to the company for the three months ended March 31 was 14.48 billion yuan (RM9 billion), up from 9.2 billion yuan a year earlier, the company said.
Shares of Tencent inched 0,4% higher before earnings were announced. An extremely popular action game, "The Honour of Kings", continued to propel the trend.
Social networks revenues grew 56% to RMB 12,297m, driven by an increase in digital music and video services over the Chinese New Year period. It topped both revenue and downloads in Apple Inc's iOS store in March, according to App Annie. The stock has gained 37% this year, compared to a 41% rise for New York-listed rival Alibaba Group.
Nearly one billion WeChat users and a smash hit in its Honour of Kings smartphone game are also further helping Tencent to accelerate investments in Hollywood films, reports Bloomberg.
The company said its WeChat app, together with the Chinese version, Weixin, boasted 938 million monthly average users in the first quarter, 23% more than a year earlier. In the longer term, Tencent intends to introduce its in-house games to a broader global audience.
In games, Tencent rode a strong showing from Honour of Kings. Smart device MAU of QQ was 678 million, flat-year-on-year. It unveiled another 19 mobile titles in April including the much-anticipated JX Online III, according to JPMorgan Chase & Co. analyst Alex Yao.
New businesses, including mobile payments and cloud-technology-based services, saw a 220% increase in revenue to 7.5 billion yuan - surpassing the 6.8 billion yuan of online advertising business in revenue and becoming the No.2 segment after the game operations.
"The results continue to reflect our view that Tencent is in an investment phase which could imply steady topline beats but headwinds to margins", Bhavtosh Vajpayee and Bill Liu, analysts at Sanford C. Bernstein, said in a report after the results.