Tencent cautious after surge in quarterly profit

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".

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