Tencent's quarterly profit jumps 175per cent, beats forecasts

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Chinese gaming and social media giant Tencent Holdings Ltd on Wednesday reported a forecast-beating 175per cent rise in quarterly profit.

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FILE PHOTO: A logo of Tencent is seen during the World Internet Conference in Wuzhen, Zhejiang province, China, November 23, 2020. REUTERS/Aly Song/File PhotoThe world's largest gaming firm by revenue booked profit of 59.3 billion yuan for the three months through December. That was ahead of an average analyst estimate of 30.65 billion yuan, based on data from Refinitiv.Revenue rose 26per cent to 133.67 billion yuan, versus market expectations of 132.19 billion yuan.

Tencent, which has benefited from a surge in paying users for video games in China and international markets, said online games revenues grew by 36per cent.

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