Covid-19 gaming boom boosts Tencent’s profit
12 November 2020 - 12:02
Tencent, the Chinese gaming and social media giant in which Naspers has a 31% stake, has beat estimates, riding a pandemic-era gaming boom that’s persisted in defiance of an economic downturn.
Sales rose to 125.45-billion yuan ($18.9bn) in the three months ended September, vs the 123.8-billion yuan average forecast. Net income was 38.5-billion yuan, compared with the 30.3-billion yuan projected. The strong results will help reassure investors scrambling to assess the fallout from Beijing’s broadest attempt yet to rein in the country’s giant internet sector...
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