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Tencent Q1 profit rises 65per cent while online game revenues climb

Tencent Q1 profit rises 65per cent while online game revenues climb

FILE PHOTO: A Tencent logo is seen in Beijing, China September 4, 2020. REUTERS/Tingshu Wang

HONG KONG -Chinese gaming and social media giant Tencent Holdings Ltd reported on Thursday a forecast-beating 65per cent rise in quarterly profit.

Tencent, the world's largest gaming firm by revenue, booked profit of 47.77 billion yuan (US$7.42 billion) for the three months through March, higher than the average analyst estimates published by Refinitiv of 35.45 billion yuan.

Revenue rose 25per cent to 135.3 billion yuan, versus market expectations of 134.39 billion yuan.

Tencent, which has benefited from a surge in paying users for video games in China and international markets, said revenue from online games grew by 17per cent.

(US$1 = 6.4355 Chinese yuan renminbi)

(Reporting by Pei Li; Editing by Jan Harvey and Christian Schmollinger)

Source: Reuters

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