Chinese gaming and social media giant Tencent Holdings said second quarter net profit rose 37%, beating market estimates, on higher demand for its videogames as coronavirus-related lockdowns kept people indoors.
The world’s largest gaming firm by revenue booked a 33.1-billion yuan (R83.4-billion) profit for the three months to 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 (R289.6-billion), versus market expectations of 112.76-billion yuan.
Naspers Internet spin-off Prosus, which holds a 31.2% stake in Tencent, rose more than 3% in Amsterdam on the news. Naspers also climbed more than 3% in Johannesburg. — Reported by Pei Li, (c) 2020 Reuters, with additional reporting (c) 2020 NewsCentral Media
