China’s internet companies reported steady growth in business revenue in the first quarter of this year, data from the Ministry of Industry and Information Technology showed.
In the January-March period, the business revenue of major internet and related services firms came in at 323.6 billion yuan (about $49 billion), up 1.4% year on year, the ministry said.
Specifically, business revenue from information services providers and online sales operators rose 7.1% and 8.5% respectively, while companies offering personal services, such as tourism and car-hailing, saw business revenue fall mainly due to the resurgence of COVID-19.
The operating costs of these internet companies rose 4.4% from the same period a year earlier.
The sector’s profits totaled 15.45 billion yuan in the first three months, logging a decline of 10.3% from a year ago.
During the same period, the internet sector’s spending on research and development increased 8.4% year on year to 17.75 billion yuan.