Hong Kong — Tencent Holdings posted a 43% rise in third-quarter profit that only just missed expectations, as its consistent ability to attract Chinese gamers and social media mavens fuelled advertising growth despite growing competition. Net income climbed to 10.6-billion yuan ($1.5bn) in the three months ended September, the Shenzhen-based company said Wednesday. That compares with the 10.7-billion yuan average of analysts’ estimates compiled by Bloomberg. Shares in JSE-listed Naspers, which has a 34% stake in Tencent, rose on the news. The stock was up 4.08% at R2,153.34 in midday trade. Tencent’s bottom line depends on effectively engaging a Chinese internet population now 710-million strong, and advertising has become a major source of sales growth as it lures brands onto its WeChat and QQ messaging services. Tencent has also been scooping up video content and fleshing out its mobile games slate, adding hits while acquiring Clash of Clans studio Supercell. Revenue from smartpho...
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