HONG KONG - Tencent Holdings Ltd posted record quarterly profit on Wednesday, smashing market expectations, as the social media and gaming giant booked a rise in the value of its investments while fintech and cloud computing make up for declines in games.
China’s gaming regulator has spent the year so far working through a backlog of applications to monetize titles, having suspended approvals for most of last year. The impact on Tencent was the sharpest-ever profit drop in the three months through December, and the slowest annual profit growth in 13 years.
Revenue, however, came in just shy of analyst estimates at 85.5 billion yuan, with growth at an all-time low of 16%. Tencent waited in vain for over a year for approval to earn money via in-app purchases on its popular game PUBG Mobile. It pulled the game last week and launched approved title “Peacekeeper Elite”, also known as Game for Peace, a tactical tournament game similar to PUBG but with a socialist makeover.
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