Chinese gaming and social media giant Tencent Holdings Ltd said quarter net profit rose 37%, beating market estimates, on higher demand for its video games as coronavirus induced lockdown kept people indoors.
The world’s largest gaming firm by revenue booked a 33.1 billion Yuan ($4.76 billion) profit for the three months through June. That was ahead of an analyst average estimate of 27.56 billion Yuan, according to data from Refinitiv.
Revenue rose 29% to 114.88 billion Yuan, versus market expectations of 112.76 billion Yuan.
The results come a few days after the United States said it would ban WeChat in the country. India has already banned the messaging application.
The company has also postponed a blockbuster release of “Dungeon and Fighter Mobile” game planned for August 12, citing upgrades needed to the game’s addiction prevention system. It also owns ownership in PUBG, online multiplayer battle royal game.
Source: Reuters
