Tencent’s 1st Quarter Results Disappoint With Halved Profit, Flat Revenue — Earnings Review

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By Yifan Wang

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Tencent Holdings Ltd. posted its first-quarter results on Wednesday. Here is what you need to know:

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NET PROFIT: The world’s largest videogame developer said its net profit fell 51% from a year earlier to 23.41 billion yuan($3.47 billion), missing expectations of analysts polled by FactSet.

REVENUE: Revenue rose 0.1% to CNY135.47 billion, which also fell short of analysts’ expectations. The result marked a further deterioration from the final quarter of 2021, when several Chinese technology giants including Tencent and Alibaba Group Holding Ltd. posted their worst top-line growth since going public.

WHAT WE WATCHED:

–DOMESTIC GAME BUSINESS: Revenue from Tencent’s domestic gaming, one of the company’s most important income streams, fell 1%, as direct and indirect effects of China’s minor-protection measures hurt active-user and paying-user count, the company said.

–CLOUD SEGMENT: The cloud business has emerged as an important new growth engine for Chinese internet giants, as some of their more mature businesses enter a period of slower growth.
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Tencent said its revenue from business services, which includes cloud offerings, recorded a “mild year-on-year decrease.”

Write to Yifan Wang at [email protected]

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Credit: www.marketwatch.com /

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