China’s top internet companies reported stable revenue growth in the first quarter of this year, according to data from the Ministry of Industry and Information Technology.
Revenue from these companies rose 1.4 percent year on year to 323.6 billion yuan (about $48.9 billion) during the period, according to ministry data.
Profit fell 10.3 percent from a year earlier to 15.45 billion yuan, with the rate of decline rising 2.9 percentage points from that of the first two months.
In the first quarter, China’s top internet companies invested a total of 17.75 billion yuan in research and development, growing 8.4 percent year-on-year. The growth rate was 11.2 percentage points higher than that of the January-February period.
Large Internet companies are companies that focus on Internet and related services with an annual turnover of at least five million yuan.
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