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

BEIJING, May 1 (Xinhua) -- 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.

Revenue of these companies surged 1.4 percent year on year to reach 323.6 billion yuan (about 48.9 billion U.S. dollars) 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.