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Thursday, August 15, 2019, 11:38
Tencent stronger than expected in quarter two
By He Wei in Shanghai
Thursday, August 15, 2019, 11:38 By He Wei in Shanghai

Tencent Holdings Ltd on Wednesday posted stronger-than-expected second quarter earnings as the company's mobile gaming and commercial payment revenues surged.

Net profit for the three months ending June stood at 24.14 billion yuan (US$3.44 billion), up 35% on the same period last year, while revenue rose 21% to 88.8 billion yuan

Net profit for the three months ending June stood at 24.14 billion yuan (US$3.44 billion), up 35 percent on the same period last year, while revenue rose 21 percent to 88.8 billion yuan.

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"During the second quarter, Tencent sustained solid user, revenue and profit growth and executed on key initiatives amid the challenging business environment," said Tencent's chairman and CEO Ma Huateng, noting that the company will continue to invest in enhancing its platforms, services and technologies. 

Video game revenue rose eight percent from last year to 27.3 billion yuan, with smartphone gaming revenue up 26 percent to 22.2 billion yuan, as new games releases increased following a renewal in new game approvals.

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Fintech and business services, a new revenue category established this year by Tencent that includes payments and cloud services, generated 22.9 billion yuan, up 37 percent.

Tencent's social media platform WeChat saw monthly average user growth rise 1.9 percent, compared with the previous quarter and 7.1 percent on-year, to nearly 1.133 billion.


(With input from Xinhua)

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