BEIJING - China's major internet companies posted rapid revenue growth in the first quarter this year, as online goods and services consumption boomed, official data showed.
Business revenue of major internet companies came in at 324.9 billion yuan (about US$50.2 billion) in the first three months, surging 28.7 percent year on year, according to the Ministry of Industry and Information Technology (MIIT).
These companies raked in 26.6 billion yuan in operating profits during the period, down 2.5 percent year on year, while their spending on research and development rose 14 percent from a year ago to 17.01 billion yuan.
MIIT statistics cover enterprises with annual revenue from internet services of above 5 million yuan in the previous year.
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