Tencent’s blockbuster game and solid advertising have boosted an 89% increase in quarterly earnings on Chinese games and social media, helping it break its forecast on Thursday.
Tencent, the world’s largest gaming company with revenue, has benefited from a surge in video game payouts with its flagship Kings of Honor game, which reports a record 100 million daily active users in the first 10 months of 2020.
Tencent said on Thursday it had posted a profit of 38.5 billion yuan ($ 5.8 billion) in the three months to September. That was 30.81 billion yuan above the analyst’s average estimate, according to Refinitiv. Revenues increased by 29% to 125.4 billion yuan.
Celebrating their 22nd birthday on Wednesday, Tencent said it had returned to advertising following the outbreak of the COVID-19 epidemic, with rapid growth in areas such as education, Internet services and e-commerce.
Its shares closed 4.72% against a 0.22% drop in the Hang Seng Index, which returned to a 7% drop on Wednesday when investors threw shares in Chinese tech companies after the announcement of the draft antitrust rules.
They wiped out hundreds of billions of dollars in value from some tech giants, including Alibaba.
Speaking on Thursday, Tencent chairman Martin Lau said in the post-election results that the draft antitrust regulations were not new or unique to China, adding that the new regulations reflected a new reality as technology companies grew.
He added that Beijing was still supporting the industry and that Tencent would work with regulators to ensure compliance.
“For games that are actually more of a personal product than a platform, I think they’re less focused,” Lowe said.
China has also published draft rules to promote online microcredit control, and a section of Tencent is involved through WeBank, which disrupted Ant Group’s blockbuster IPO.
Law said that there will not be many changes in Tencent fintech strategy as the proposed micro-lending rules և its operation comply with the regulations.
Tencent said revenue from its other cloud business services, a potential driver of future growth, grew more slowly as a result of the epidemic. Delays in areas such as project deployment և signing new contracts.
Here Is Why Messi Visited Barcelona
Lionel Messi, the star of Paris Saint-Germain, returned to Barcelona on Monday night after a year away. According to the...
Something Happened & He Will Be Fined – Tuchel, Chelsea’s Head Coach, Speaks About Lukaku
JUST IN: Raiders player Nathan Hobbs arrested for misdemeanor DUI on 1/3
EPL: Not A Good Performance – What Virgil Van Dijk About Their Match Against Leicester City
EPL: Every Premier League Game Is Difficult – Lukaku
LaLiga: Xavi Reveals The Club Barcelona Should Look Up To
EPL: What My Staff Told Me About Salah’s 2nd Goal – Tottenham Boss, Conte
Is Lasizwe Pregnant? Tweeps Ask As He Shows Off His Swollen Feet (Photo)
Lasizwe latest picture on social media has sparked unusual questions from netizens. The South African media personality shared a picture...
Pearl Thusi Describes Emtee As A Gentleman After Revealing What He Did For Her
Pearl Thusi says South African rap star, Emtee is a gentleman. After a tweep called her out for honoring Mr....
Who is Stephanie Matto: Woman receives several death threats from online trolls after she earned £147k by selling her farts in a jar
Stephanie Matto is trending because she has made a stunning sum of £147k by selling her farts in a jar,...
Emtee & A-Reece Nominated For Global Music Awards Africa 2022
A-Reece and Emtee represent the country. The two rap stars were nominated for the Global Music Awards Africa 2022. This...
Why Am Changing My Music Name To SOS – Big Xhosa
South African rapper, Big Xhosa has finally opened up on why he is dropping his formal stage name to SOS....
Young Stunna In Shock On How Kabza De Small Changed His Life In Months
Kabza De Small Change made his long-term ambition come true in a matter of months, and Young Stunna still finds...
Texas synagogue hostage incident: Two men arrested in Manchester
At least two individuals have been detained in connection with the Texas synagogue hostage situation that occurred 10 days ago....