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Tencent profit surges as gaming grows at fastest pace in two years

WorldNews Wednesday, 12 August 2020
Tencent profit surges as gaming grows at fastest pace in two yearsHong Kong — Tencent boosted revenue at the fastest pace since 2018, defying an economic downturn in China as it prepares to face a ban on its WeChat messaging app by US President Donald Trump. Sales rose 29% to 114.9-billion yuan ($16.5bn) in the three months ended June, beating estimates with a surge in online gaming revenue. It reported net income of 33.1-billion yuan that beat the highest of analysts’ projections, thanks to a gain of more than 8.6-billion yuan from asset disposals and valuation gains in its portfolio of investments. Shares in Prosus, which holds the internet assets of major shareholder...
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Video Credit: Reuters Studio - Published
News video: Tencent profit up on strong games demand

Tencent profit up on strong games demand 01:20

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 put a dent in other entertainment options. Francis Maguire reports.

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Tencent Tencent Chinese internet conglomerate

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