Tencent smashes profit forecasts, sending Naspers higher - TechCentral

Tencent smashes profit forecasts, sending Naspers higher

David Kirton/Reuters

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

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