Tencent smashes first-quarter expectations as users turned to hit games during coronavirus lockdown
A Tencent sign at the World Internet Conference in Wuzhen, China, October 20, 2019.reported earnings that beat expectations thanks to a strong performance in its gaming business and better-than-expected results out of its financial technology and advertising units.Revenue of 108 billion Chinese yuan vs. 101.4 billion yuan estimated. That's a 26% year-on-year rise.
Profit attributable to equity holders of the company hit 28.9 billion yuan vs. 23.83 billion yuan estimated. That's a 6% year-on-year rise. "Games serve important roles in keeping players entertained and connected, especially during the stay-at-home period. For mobile games, our studios released attractive content and our publishing teams ran compelling in-game events and activities, resulting in higher DAU ," Tencent said in a statement.
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