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Tencent, Results

China's Tencent cautious after surge in quarterly profit

China's Tencent cautious after surge in quarterly profit

14.8.2019

China's Tencent cautious after surge in quarterly profit

China's Tencent Holdings , the world's largest gaming company...

Growth in the company’s gaming business resumed in the second quarter after a long regulatory freeze in China and its fintech operations also generated sharply higher revenues.

Tencent made 24.14 billion yuan ($3.4 billion) in net profit for the April-June quarter, beating an average estimate of 20.74 billion yuan from 13 analysts polled by Refinitiv.

In 2018, Tencent turned in its slowest annual profit growth in 13 years due to a suspension in approvals for new games.

Tencent offers commercial payments services to the large number of merchants and consumers on its social media platform WeChat, which had 1.14 billion users at the end of June.

Mitchell said Tencent would seek to maintain a “healthy although not super rapid rate” of growth by adjusting the rate of its own advertising inventory growth and by leveraging its ability in helping advertisers better target users.

China’s media watchdog has also been clamping down on historical dramas this year. Mitchell told the earnings call that Tencent and its subsidiaries have a diversified entertainment portfolio in genres including animations, documentaries and variety shows.

The company said revenue growth at its cloud services business remained robust as it gained key contracts at PICC, Bank of Communications and in public services such as healthcare and transport in various cities.

Read more: Reuters Top News
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