Earnings

Tencent posts better-than-expected 47% profit surge as games, AI tools shine

Chinese tech company Tencent is a gaming giant and the parent company of WeChat, the ubiquitous social messaging app in China.
Cheng Xin | Getty Images News | Getty Images

Chinese social media and gaming company Tencent on Wednesday reported better-than-expected profit in the third quarter, spurred by growth in games, advertising and cloud services.

Tencent reported profit attributable to shareholders of 53.23 billion yuan ($7.37 billion) in the third quarter, compared with a LSEG estimate of 46.18 billion yuan over the period.

The company’s revenue came in at 167.19 billion yuan, short of the 167.82 billion yuan analyst forecast.

This breaking news story is being updated.

Articles You May Like

When Aging Parents Refuse To Move: How To Overcome Resistance
A Florida ‘condo cliff’ is coming as owners deal with fallout from 2021 Surfside collapse
From ‘Fortnite’ to ‘Hogwarts Legacy’: One university fuels Utah’s $2 billion video game industry
How Wealthy Do You Want To Be? Insights From Whole Foods Founder, John Mackey
Investors’ crypto donations to charity skyrocket. Why it can be ‘hugely beneficial,’ expert says

Leave a Reply

Your email address will not be published. Required fields are marked *