Naspers’ Tencent levels up amid lockdown gaming boom
But the gaming and social media giant warns that the spike in demand will be temporary
Hong Kong — High demand for video games during Covid-19 lockdowns buoyed Tencent Holdings' first-quarter revenue and profits, with blockbuster games PlayerUnknown's Battlegrounds Mobile and Honor of Kings helping it beats forecasts. Tencent is partly owned by JSE-listed technology investment group Naspers.
The Chinese company's video games business, which generates more than a third of its revenue, saw growth of 31% to 37.30-billion yuan ($5.26bn) as people idled away the time in front of screens and used online multiplayer games to virtually hang out with friends...