Tencent shares in Hong Kong surged over 5 percent Thursday after reporting earnings that topped analyst expectations.
The Chinese technology giant saw its market capitalization, or value, rise over $22 billion as shares traded at 416.4 Hong Kong dollars ($53) during afternoon trade. At the open, Tencent shares were at 424 Hong Kong dollars, but pared some of those gains.
On Wednesday, Tencent reported a 48 percent year-on-year rise in revenues and a 61 percent year-on-year rise in net profit for the first quarter of 2018. The company beat market expectations on the top and bottom line, and saw its operating margin — which was a concern for investors coming into the numbers — rise by 3 percent.
Tencent's gaming, video streaming, and WeChat messaging businesses all saw strong growth.
Still, shares of the company are still over 12 percent lower from the record high hit in January.