Chinese gaming and social media giant Tencent said second-quarter net profit rose 37% on higher demand for its video games as crippling restrictions put a dent in other entertainment options
HONG KONG - China’s Tencent said on Wednesday it did not believe a U.S. move to ban transactions on its international messaging to payments WeChat app would apply to its domestic Weixin platform, potentially limiting fallout from the move.
In a call after reporting a 37% rise in second-quarter net profit, executives tried to soothe market sentiment and said the company was in the process of seeking further clarification from relevant parties. The U.S. accounts for less than 2% of Tencent’s total revenue, said James Mitchell, chief strategy officer, and likely less than 1% of total advertising revenue.
Revenue from online games, which accounts for one-third of total sales, jumped 40% in the second quarter, primarily driven by smart phone games including Peacekeeper Elite and Honour of Kings, as the coronavirus put a dent in other entertainment options.planned for Aug. 12, citing upgrades needed to the game's addiction prevention system. It did not indicate a new release date.
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