HONG KONG: China's Tencent Holdings , the world's largest gaming company by revenue, warned on Wednesday of a difficult economic environment even as it reported a better-than-expected 35per cent jump in quarterly profit.
Tencent made 24.14 billion yuan in net profit for the April-June quarter, beating an average estimate of 20.74 billion yuan from 13 analysts polled by Refinitiv. Approvals resumed in December, with Tencent receiving permission to launch"Perfect World Mobile" in the first quarter of this year. "Amid the evolving macro-economic and competitive challenges, we continue to invest in enhancing our platforms, services and technologies, for better supporting our users and enterprise customers," Tencent said in its results release.The social media and gaming giant is restructuring in an attempt to find new revenue sources as its consumer business comes under pressure from slowing Chinese economic growth amid the Sino-U.S. trade war.
Media advertising revenues dropped 7per cent year-on-year, which Tencent blamed on the absence of World Cup soccer this year and"unexpected delays to airing certain top-tier drama series".
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
Singapore Latest News, Singapore Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Surge in arrests and deportations of foreign teachers in China: LawyersBEIJING: Arrests and deportations of foreign teachers in China have soared this year, lawyers, schools and teachers say, amid a broad crackdown ...
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »
Class dismissed: Surge in arrests of foreign teachers in ChinaBEIJING — Arrests and deportations of foreign teachers in China have soared this year, lawyers, schools and teachers say, amid a broad crackdown defined by new police tactics and Beijing's push for a And it's beginning.. Lots of pedophiles amongst them
Source: TODAYonline - 🏆 1. / 99 Read more »
Class dismissed: Surge in arrests of foreign teachers in China[BEIJING] Arrests and deportations of foreign teachers in China have soared this year, lawyers, schools and teachers say, amid a broad crackdown defined by new police tactics and Beijing's push for a 'cleaner', more patriotic education system. Read more at The Business Times.
Source: BusinessTimes - 🏆 15. / 51 Read more »
Surge in arrests, deportations of foreign teachers in ChinaBEIJING: Arrests and deportations of foreign teachers in China have soared this year, lawyers, schools and teachers say, amid a broad crackdown ...
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »
China slams 'terrorist-like actions' by protesters at Hong Kong airportBEIJING: China on Wednesday (Aug 14) slammed protesters at Hong Kong airport for 'terrorist-like' acts, after two men were beaten by ...
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »
Asian stocks cheer Trump's delay of some China tariffsAsian shares joined a global equities rally and safe-haven government bonds pulled back on Wednesday, after Washington delayed tariffs on some ...
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »