Major internet companies in China report stable profit growth in the first quarter

2024-05-03

 

The leading internet companies in China recorded stable profit growth in the first quarter of the year, according to data from the Ministry of Industry and Information Technology.

 

In the first three months, China's major internet and related service companies had 384 billion yuan (US$54 billion) in business revenue, a year-on-year increase of 8.4%. This growth rate was 0.8 percentage points higher than that recorded in the first two months.

 

Companies offering personal services, such as tourism and ride-hailing, saw their business revenue increase by 13.3% compared to the same period last year, while those providing information services recorded a revenue increase of 5.9% in the first quarter.

 

The data revealed that spending on research and development by major internet and related service companies totaled 19.86 billion yuan from January to March, a year-on-year decrease of 0.6%.

 

The major internet companies and related service companies are those with an annual business revenue of at least 20 million yuan.

 

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