China’s internet firms saw revenue grow at much slower pace in H1, profits declined further
STOCKS
China’s internet firms saw revenue grow at much slower pace in H1, profits declined further
STOCKS

China’s internet firms saw revenue grow at much slower pace in H1, profits declined further

 

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China’s internet companies and related service companies generated a combined revenue of 717 billion yuan in the first half of the year, edging up by 0.1% from the same period last year, said the Ministry of Industry and Information Technology.

That slowed significantly from the 1.8% growth in the first five months and the 2.7% growth during the first four month.

The companies’ operating cost rose by 5.4% year over year, slowing from 5.7% from the first five months, showed the data.

The sector’s profits totaled 64.54 billion yuan in the first half of the year, falling 6.2% from the same period last year, narrowing by 8.6 percentage points from the first five month, said the ministry.

During the same period, the internet sector’s spending on research and development increased 6.4% year on year to 38.87 billion yuan, showed the data.