Mobile video apps including Kuaishou, Douyin, Xigua and Huoshan are displayed on the screen of a 4G smartphone. (PHOTO PROVIDED TO CHINA DAILY)

BEIJING - China's large internet companies reported steady revenue growth in the first quarter of the year, data from the Ministry of Industry and Information Technology (MIIT) showed.

Revenue of these companies surged 1.4 percent year on year to reach 323.6 billion yuan (about $48.9 billion) during the period, MIIT data showed.

In the first quarter, China's large internet enterprises invested a total of 17.75 billion yuan in research and development, an increase of 8.4 percent year-on-year

Profits declined 10.3 percent from a year earlier to 15.45 billion yuan, with the decline rate expanding 2.9 percentage points from that in the first two months.

In the first quarter, China's large internet enterprises invested a total of 17.75 billion yuan in research and development, an increase of 8.4 percent year-on-year. The growth rate was 11.2 percentage points higher than that in Jan-Feb.

ALSO READ: China's internet users grow by nearly 43m

Large internet companies refer to enterprises that focus on the internet and related services with an annual business revenue of at least 5 million yuan.