Tencent Profit Rises After Coronavirus Fuels Demand for Online Games
Tencent Holdings Ltd.’s first-quarter profit was fueled by strong demand for mobile games as homebound Chinese consumers turned to online entertainment during the coronavirus pandemic. Tencent, the world’s biggest videogame company by revenue, said Wednesday its January-March net profit grew 6% to 28.9 billion yuan ($4.08 billion) from the same period last year. Revenue rose
Tencent Holdings Ltd.’s first-quarter profit was fueled by strong demand for mobile games as homebound Chinese consumers turned to online entertainment during the coronavirus pandemic.
Tencent, the world’s biggest videogame company by revenue, said Wednesday its January-March net profit grew 6% to 28.9 billion yuan ($4.08 billion) from the same period last year. Revenue rose 26% to 108.1 billion yuan. Both beat analyst estimates, according to FactSet.
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