China's major internet firms post robust revenue, profit growth

BEIJING - China's major internet companies reported double-digit growth in business revenues and profits in the first four months of the year, official data shows.

The business revenues of major internet companies totaled 467.6 billion yuan ($73.28 billion) in the January-April period, up 27.8 percent year-on-year, according to the Ministry of Industry and Information Technology (MIIT).

The companies raked in 44.51 billion yuan in operating profits, climbing 27 percent from the same period a year earlier.

Spending on research and development in major internet companies maintained rapid growth during the period, up 19.3 percent year-on-year. The growth rate was 14 percentage points higher than the 2020 level.