Is Tencent Holdings Stock a Buy Now?
The stock of Tencent Holdings (OTC: TCEHY) tumbled 5% on March 23 after the Chinese tech giant posted its fourth-quarter earnings report. Its revenue rose 8% year over year to 144.19 billion yuan ($22.6 billion), but that represented its slowest quarterly growth since its Hong Kong debut in 2004.
Tencent's net profit rose 60% to 94.96 billion yuan ($14.9 billion), but that was mainly driven by a massive sale of JD.com (NASDAQ: JD) shares last December. Excluding that gain and other one-time benefits, Tencent's adjusted net profit declined 25% to 24.88 billion yuan ($3.9 billion).
Should investors accumulate some shares of the Chinese tech giant as the bulls turn away, or is it still too early to bet on its long-term turnaround?
Source Fool.com
