Sci-tech

Tencent Sees Profit Increase of 61% Thanks to Games Business

Tencent Sees Profit Increase of 61% Thanks to Games Business

China internet leader Tencent Holdings (TCEHY) reported mixed first-quarter earnings before the market open Wednesday. But adjusted earnings-per-share, which strips out one-time items, came to 1.92 yuan, missing the 1.94 yuan average estimate.

With strong cashflows and a huge customer base in excess of one billion users, Tencent has been aggressively seeking out start-ups with good potential and boosting their chance of success by providing funding support as well as customer traffic. Net profits increased 65% year-on-year to reach $3.82 billion on revenues of $11.7 billion in the three months to end of March.

China's largest social network operator reported net income of 23.29 billion yuan (US$3.65 billion) in the quarter ended March 31, beating average market expectations by about 30 per cent. Revenue reached 73.53 billion yuan, up 48 per cent from the same time past year, driven by online advertising, online games and messaging services. The company announced that had seen growth in the double digits related to the number of daily active users for that game.

Tencent continues to draw the lion's share of its business from gaming, while counting on advertising and finance via WeChat to drive future growth. Anchored by its marquee title, the smartphone games business yielded 68 percent growth in the quarter. The tournament-style game is popular amongst the e-sports, which is competitive video gaming.

Author Tom Wolfe dead at 88
Multiple outlets credit Wolfe as a creator of "New Journalism", a style that combined traditional reporting and immersive writing. He laughed about his trademark "feistiness" in the book to CBS News and said, "Well, I just try to bring truth".

Fortnite was developed by Epic Games, a company that saw Tencent acquire a 48.4 percent stake for US$330 million.

The company is exploring ways to integrate short video into its social network platforms, Tencent chairman and chief executive Pony Ma Huateng said in March during annual parliamentary meetings in Beijing. It invested $632 million in game-streaming platforms Douyu in March, $462 million the same month on Huya. It is available as well on mobile. Last month, Tencent partnered with USA developer Epic Games to launch Fortnite in China.

In late 2017, Tencent Holdings Ltd. became Asia's most highly-valued tech company and the region's second-most valuable public company (behind Alibaba) as the first firm to cross the $500 billion mark.


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