HONG KONG: China's Tencent Holdings posted a 11 per cent rise in first-quarter revenue on Wednesday (May 17), beating analyst expectations, as its core advertising and gaming businesses recovered from COVID-19-related disruptions a year earlier. The world's largest video game company and operator of the We
HONG KONG: China's Tencent Holdings posted a 11 per cent rise in first-quarter revenue on Wednesday , beating analyst expectations, as its core advertising and gaming businesses recovered from COVID-19-related disruptions a year earlier.
The world's largest video game company and operator of the WeChat messaging platform said revenue reached 149.98 billion yuan for the three months ended Mar 31.Net profit rose 11 per cent to 25.83 billion yuan, versus a 29.67 billion yuan average analyst estimate. Tencent posted its first annual revenue decline last year, hit hard by the country's now-abandoned zero-COVID policy as well as a months-long freeze on gaming licences by regulators that prevented it from releasing new games.
But it is likely heading for a rebound this year after the government resumed licence approvals late last year. The firm unveiled a long pipeline of games on Monday including seven titles ready to go online this summer. Domestic gaming revenue gained 6 per cent to 35.1 billion yuan while international gaming revenue rose 25 per cent to 13.2 billion yuan.Revenue from fintech and business services grew 14 per cent to 48.7 billion yuan as the firm continued to expand in those areas.
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