Tencent posts better than expected 3% profit jump

- Advertisement -


SHANGHAI, Nov 10 (Businesshala) – Chinese gaming and social media giant Tencent Holdings (0700.HK) posted a 3% rise in third-quarter profit on Wednesday, beating analysts’ expectations as it faced increased regulatory scrutiny and a slowdown. flagged off the effect of advertisement.

- Advertisement -

Net profit rose to 39.5 billion yuan ($6.18 billion) for the three months during September, well above the average Refinitiv estimate of 35 billion yuan from 14 analysts.

- Advertisement -

Revenue climbed 13% to 142.4 billion yuan, slightly lower than expected.

Sales of mobile games grew 9%, the owner of games such as “Honor of Kings” and “PUBG Mobile” said in a statement.

- Advertisement -

This period saw China’s largest company by market value hit by new limits on what minors can spend playing video games. The government has not approved any new games since August.

Beijing’s year-long crackdown on its one-time freewheeling Internet industry has punished well-known companies for engaging in what were previously considered routine market practices, while wiping billions of dollars from their market values.

($1 = 6.3917 Chinese Yuan Renminbi)

Reporting by Brenda Goh Editing by Andrew Havens and David Goodman

,

- Advertisement -

Stay on top - Get the daily news in your inbox

DMCA / Correction Notice

Recent Articles

Related Stories

Stay on top - Get the daily news in your inbox