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Tencent second-quarter profit beats as games outperform

Tencent second-quarter profit beats as games outperform

Chinese gaming and social media giant Tencent Holdings Ltd said secondquarter net profit rose 37%, beating market estimates, on higher demand for its video games as coronavirusrelated lockdowns kept people indoors.

HONG KONG Chinese gaming and social media giant Tencent Holdings Ltd said second-quarter net profit rose 37%, beating market estimates, on higher demand for its video games as coronavirus-related lockdowns kept people indoors.

The world’s largest gaming firm by revenue booked a 33.1 billion yuan ($4.76 billion) profit for the three months through June. That was ahead of an analyst average estimate of 27.56 billion yuan, according to data from Refinitiv.

Revenue rose 29% to 114.88 billion yuan, versus market expectations of 112.76 billion yuan.

($1 = 6.9474 Chinese yuan renminbi)

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  • First Published: August 12, 2020, 2:40 PM IST
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