Internet sector sees steady revenue growth in Q1

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.

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