Tencent profit surges as gaming grows at fastest pace in two years
China’s biggest social media company faces a US ban on its WeChat service
Hong Kong — Tencent boosted revenue at the fastest pace since 2018, defying an economic downturn in China as it prepares to face a ban on its WeChat messaging app by US President Donald Trump.
Sales rose 29% to 114.9-billion yuan ($16.5bn) in the three months ended June, beating estimates with a surge in online gaming revenue. It reported net income of 33.1-billion yuan that beat the highest of analysts’ projections, thanks to a gain of more than 8.6-billion yuan from asset disposals and valuation gains in its portfolio of investments. Shares in Prosus, which holds the internet assets of major shareholder Naspers, gained about 3% in Amsterdam...