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China's large internet companies post steady revenue growth in Q1

Published 2022-05-09 02:26:09

Sadeghi


BEIJING -- China's large internet companies reported steady revenue growth in the first quarter of the year, data from the Ministry of Industry and Information Technology (MIIT) showed.

[Photo/IC]

[Photo/IC]

Revenue of these companies surged 1.4 percent year on year to reach 323.6 billion yuan (about $48.9 billion) during the period, MIIT data showed.

Profits declined 10.3 percent from a year earlier to 15.45 billion yuan, with the decline rate expanding 2.9 percentage points from that in the first two months.

In the first quarter, China's large internet enterprises invested a total of 17.75 billion yuan in research and development, an increase of 8.4 percent year on year. The growth rate was 11.2 percentage points higher than that in Jan.-Feb.

Large internet companies refer to enterprises that focus on the internet and related services with an annual business revenue of at least 5 million yuan.

Chinadaily


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