China’s Tencent Quarterly Profit Jumps 89%, Beats Forecast

HONG KONG (Reuters) – Chinese gaming and social media giant Tencent Holdings Ltd (HK:0700) reported on Thursday a forecast-beating 89% rise in quarterly profit, boosted by video games and advertising businesses. The world’s largest gaming firm by revenue booked a 38.5billion yuan ($5.8 billion) profit for the three months throughSeptember. That was ahead of an analyst average estimate of 30.81 billion yuan, according to data from Refinitiv.

Revenue rose 29% to 125.4 billion yuan.

The Chinese giant has benefitted from healthy growth of paying users for video games in China and international markets. Its flagship game Honor of Kings reported a record 100 million daily active users in the first 10 months of 2020. Read more…..


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Lloyd Blankfein, Chairman & CEO, Goldman Sachs, speaks with Economic Club president David M. Rubenstein on July 18, 2012.

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