China 2022-05-15T04:45:51+03:00
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China's major internet firms post robust revenue, profit growth

China's major internet firms post robust revenue, profit growth

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economy, China, business, Internet, PRC, Statistic
An AI-powered robot brews coffee. Photo by Xinhua/Yang Wenbin.
An AI-powered robot brews coffee. Photo by Xinhua/Yang Wenbin.

China's major internet companies reported double-digit growth in business revenues and profits in the first four months of the year, official data shows, according to The Xinhua News Agency reports.

The business revenues of major internet companies totaled 467.6 billion yuan (about $73.28 billion) in the January-April period, up 27.8 percent year on year, according to the Ministry of Industry and Information Technology (MIIT).

The companies raked in 44.51 billion yuan in operating profits, climbing 27 percent from the same period a year earlier.

Spending on research and development in major internet companies maintained rapid growth during the period, up 19.3 percent year on year. The growth rate was 14 percentage points higher than the 2020 level.

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