Internet giant Tencent raked in 22.4 billion yuan (3.65 billion U.S.dollars) in the first quarter, up 22 percent year on year, the company announced Wednesday.

Net profits during the period reached 6.93 billion yuan, up 8 percent year on year, according to the company's financial report.

The lion's share of income came from value-added services, which stood at 18.6 billion yuan, up 29 percent year on year while online gaming contributed 13.3 billion yuan to total revenue.

Online advertising surged by 131 percent to 2.7 billion yuan in the first three months thanks to mobile social networking services and video ads.

Pony Ma, chair and CEO of Tencent, said the company will work with more partners to implement the government's "Internet Plus" plan.

The Internet Plus initiative proposes to use the Internet to connect more people with services.