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    Home»WORLD»Tencent posts first-quarter beat as users turn to hit mobile games
    WORLD

    Tencent posts first-quarter beat as users turn to hit mobile games

    News DeskBy News DeskMay 13, 2020Updated:May 13, 2020No Comments1 Min Read
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    Tencent 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.

    Here’s how Tencent did compare to Refinitiv consensus estimates:

    • Revenue of 108 billion Chinese yuan ($15.2 billion) 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 (daily active users),” Tencent said in a statement.

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