Tencent (PK) (USOTC:TCEHY)
Historical Stock Chart
1 Year : From Feb 2019 to Feb 2020
By Shan Li
BEIJING--Chinese internet giant Tencent Holdings Ltd. reported a 35% increase in second-quarter net profit, enjoying a boost from the release of popular new videogames.
Tencent said Wednesday that its net profit for the April-June period rose to 24.1 billion yuan ($3.4 billion) from 17.9 billion yuan a year ago. Analysts polled by FactSet expected second-quarter net profit of 22.2 billion yuan.
Its second-quarter revenue rose 21% to 88.8 billion yuan, below the 93 billion yuan analysts had expected. A year earlier, the company posted revenue of 73.7 billion yuan.
The Shenzhen-based company has been reviving its games business this year after a nine-month regulatory freeze on new-game approvals last year battered its business. With approvals restarted, Tencent released 10 games in the second quarter.
Its mobile title "Game for Peace" has become a hit in China after its May launch. The game, which is also known as "Peacekeeper Elite," helped push games revenue up 8%, to 27.3 billion yuan compared with a year earlier.
This year, Tencent has started breaking out a new business segment that covers financial technology and business services. That includes its popular mobile-payment service on its dominant WeChat social-networking platform. The segment, which also includes its cloud business, reported that revenue grew 37% to 22.9 billion yuan compared with the same period a year ago.
Write to Shan Li at firstname.lastname@example.org
(END) Dow Jones Newswires
August 14, 2019 06:24 ET (10:24 GMT)
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