Tencent's Profit Rises 35% as New Games Hit Market

Date : 08/14/2019 @ 11:39AM
Source : Dow Jones News
Stock : Tencent Holding Ltd. (PC) (TCEHY)
Quote : 41.36  -0.74 (-1.76%) @ 9:39PM
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Tencent's Profit Rises 35% as New Games Hit Market

Tencent Holding Ltd. (PC) (USOTC:TCEHY)
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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 shan.li@wsj.com

 

(END) Dow Jones Newswires

August 14, 2019 06:24 ET (10:24 GMT)

Copyright (c) 2019 Dow Jones & Company, Inc.

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