Investors are focusing on whether the reopening of China's economy will give a boost to the country's tech giants, including Tencent.
The results mark a strong bounce back to growth for Tencent after a succession of negative and flat quarters.
The company said in its earnings that it benefited from a solid recovery in domestic consumption in China, which finally began easing its aggressive Covid-19 restrictions in December.Tencent reported an 11% jump in quarterly revenue Wednesday, marking its fastest growth in more than a year, as the company saw a big rebound in payment volumes, ad sales and gaming.: 150 billion Chinese yuan vs. 146.09 billion yuan expected, a rise of 11%25.8 billion yuan vs.
The results mark a strong bounce back to growth for Tencent after a succession of negative and flat quarters. The company said in its earnings that it benefited from a solid recovery in domestic consumption in China, which finally began easing its aggressive Covid-19 restrictions in December. Net profit "increased at a faster pace, reflecting a positive revenue mix shift, operational efficiencies, and an easy base period," Tencent said in the report Wednesday.
Investors were focusing on whether the reopening of China's economy will give a boost to the country's tech giants, including Tencent. China's economy grew 4.5% in the first quarter, the fastest pace in a year.
Singapore Latest News, Singapore Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Why Some Investors Are Betting on China’s Recovery but Avoiding Chinese SharesGlobal investors wanting to profit from China’s economic recovery and dodge geopolitical tensions are increasingly turning to companies in Paris, Las Vegas and beyond
Read more »
China's security crackdown could signal new realities for foreign investorsForeign investors are left wondering if Beijing's crackdown on due diligence firms is another way China is limiting foreign access to investment information.
Read more »
Asia markets largely rise ahead of key Chinese data releases for AprilAsian markets trade higher as investors await a slew of economic data out of China.
Read more »
Athenex files for Chapter 11 seeking buyer for its drug candidatesAthenex Inc. a biotech that specializes in cancer treatments, said late Sunday it has filed for Chapter 11 bankruptcy with an agreement with lenders to...
Read more »
Vice Media files for Chapter 11 bankruptcy to facilitate saleVice Media Group, popular for websites such as Vice and Motherboard, filed for bankruptcy protection on Monday to engineer its sale to a group of lenders, capping years of financial difficulties and top-executive departures.
Read more »
California Iraq war veteran sentenced to 11 years for killing girlfriendFrank Moseley, in the aftermath of the killing, tried to persuade a police officer to shoot him to death.
Read more »