Chinese technology conglomerate Tencent Holdings said profits rose 65% in the first quarter of 2021, buoyed by successful gaming and fintech investments even as its cloud and industrial internet services reported mounting quality concerns.

Tencent recorded profits of 47.8 billion yuan ($7.4 billion) over the first three months of the year, according to documents filed with the Hong Kong Stock Exchange, blowing consensus expectations of 34.4 billion yuan out of the water. In comparison, the company reported 28.9 billion yuan in profit in Q1 of 2020.

“During the first quarter, we delivered solid growth across our businesses while continuing to enhance our products and services,” Tencent founder Pony Ma said in a statement on Thursday.

“We are stepping up our investment in areas including business services and enterprise software, high-production-value games, and short-form video,” the entrepreneur noted.

Since January, Tencent has been reaping the rewards of strategic investments into short video websites and online gaming platforms.

“We are seeing an expansion in terms of game users, and also the next stage of the short-video content growth,” Tencent president Martin Lau said during an earnings call Thursday.

However, cloud services and industrial internet solutions are flagging.

Last week, a spate of recent hirings and firings at the Tencent-owned Cloud & Smart Industries Group were made public. The group’s president Tang Daosheng was appointed CEO last Friday, while the president of CSIG-subsidiary Tencent Cloud has also been made the company’s chief operating officer.

The personnel shuffle is due to management-level concerns with quality and growth, a person with knowledge of the matter told Caixin.

One bright spot remains Tencent’s relative impermeability to the regulatory crackdown sweeping Big Tech in China.

While the company was hit with a fine last month from the State Administration for Market Regulation (SAMR) over recent undisclosed M&A deals, Tencent has not been targeted like Alibaba and its competitors.

“Industry-wide antitrust regulation should have a limited impact on Tencent,” China Renaissance Securities managing director Ella Ji wrote in a research note.