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Tencent's quarterly profit jumps 175%, beats forecasts

Tencent's quarterly profit jumps 175%, beats forecasts

FILE PHOTO: A logo of Tencent is seen during the World Internet Conference (WIC) in Wuzhen, Zhejiang province, China, November 23, 2020. REUTERS/Aly Song/File Photo

SHENZHEN: Chinese gaming and social media giant Tencent Holdings on Wednesday (Mar 24) reported a forecast-beating 175 per cent rise in quarterly profit.

The world's largest gaming firm by revenue booked profit of 59.3 billion yuan (US$9.09 billion) for the three months through December. That was ahead of an average analyst estimate of 30.65 billion yuan, based on data from Refinitiv.

Revenue rose 26 per cent to 133.67 billion yuan, versus market expectations of 132.19 billion yuan.

Tencent, which has benefited from a surge in paying users for video games in China and international markets, said online games revenues grew by 36per cent.

Source: Reuters

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