Tencent shares in Hong Kong surged over 5 percent Thursday after reporting earnings that topped analyst expectations.

The Chinese technology giant saw its market capitalization, or value, rise over $22 billion as shares traded at 416.4 Hong Kong dollars ($53) during afternoon trade. At the open, Tencent shares were at 424 Hong Kong dollars, but pared some of those gains.

On Wednesday, Tencent reported a 48 percent year-on-year rise in revenues and a 61 percent year-on-year rise in net profit for the first quarter of 2018. The company beat market expectations on the top and bottom line, and saw its operating margin — which was a concern for investors coming into the numbers — rise by 3 percent.

Tencent’s gaming, video streaming, and WeChat messaging businesses all saw strong growth.

Still, shares of the company are still over 12 percent lower from the record high hit in January.

Many investors have been concerned that the massive growth Tencent has seen could be hampered due to rising competition and investment in new areas like video streaming and payments which could force the company to spend more.

“I think what’s maybe hanging over the stock … is the aggressive spending, aggressive investments that management’s planning for the year ahead and potentially for a little while beyond that,” Ryan Roberts, senior analyst at MCM Partners, told CNBC’s “Capital Connection” on Thursday.

Wall Street analysts Jefferies cut Tencent’s price target to 515 Hong Kong dollars from 530 Hong Kong dollars on Wednesday, but maintained its “buy” rating. Credit Suisse meanwhile cut its target price on the stock by 17 Hong Kong dollars to 523 Hong Kong dollars. It kept its “outperform” rating however.

The market is still quite bullish on the stock, despite some of the concern over spending. Analysts tracked by Thomson Reuters have a mean price target of 513.41 Hong Kong dollars, representing a more than 23 percent rise from Thursday’s trading price.