Tencent’s Gaming Business Carries It Through a Rough First Quarter
Tencent (OTC: TCEHY) recently posted first-quarter numbers that soundly beat analysts' estimates. The Chinese tech giant's revenue rose 26% annually to 108.1 billion yuan ($15.3 billion), clearing expectations by about 7 billion yuan.
Its net profit grew 6% to 28.9 billion yuan ($4.1 billion), topping expectations by over 5 billion yuan. On a non-GAAP basis, which excludes acquisitions, divestments, and other variable gains and losses, its net profit rose 29% to 27.1 billion yuan ($3.8 billion).
Tencent's growth remained robust during the quarter, which ended on March 31 and bore the full impact of China's COVID-19 lockdown measures in February. However, its gaming business did most of the heavy lifting and offset the softer growth of its fintech and cloud businesses.
Source Fool.com
