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Tencent’s shopping spree on content from NBA broadcasts to HBO’s Game of Thrones has again helped to defy the expectations of investors and a slow Chinese economy. The company’s second-quarter sales report beat the estimates given by analysts as the WeChat and QQ network services operator splashed on mobile games and premium content.

Tencent Holdings reported better-than-predicted second-quarter earnings on Wednesday morning. With a revenue growth accelerating to a three-year high following deals on mobile gaming, its U.S. shares have reached a record high.

The China-based leader in gaming and messaging, reported revenue of over 35.7 billion yuan ($5.38 billion), up by 52% when compared to last year and beating the predicted estimates of 33.2 billion yuan ($5 billion).

The company reported a net income of over 10.9 billion yuan ($1.64 billion), beating the views for more than 9.8 billion yuan. Tencent reported earnings per share of 17 cents, excluding one-time losses and gains, matching the consensus estimate. The operating margins dropped by 3% (from 44% to 41%), as the cost of revenue stood at 69%.

Social network revenue grew by 57%, fueled by an increase in the sales of virtual items. The in-game revenue rose by 32%. Online advertising revenue swelled by 60%. Monthly active users on WeChat, soared at 34% to 806 million.

Tencent stock, which mainly trades in the United States on the over-the-counter stock market, was up by 4.4% to 26.21, hitting a new high.

China’s internet market has been booming in recent times as these stats show. Although it has the world’s largest online or internet user population (which currently stands at 686 million), China’s market is still considered to be just half penetrated.