Games Recovery Helps Revenues at China’s Tencent in Uneven Third Quarter
variety.comPatrick Frater Asia Bureau Chief Modest increases in its Chinese and international games sectors helped Chinese tech giant Tencent achieve respectable results for the three months from July to September, the third quarter of its financial year.
Group revenues weighed in at RMB154 billion ($21.5 billion), an increase of 10% year on year and 4% quarter on quarter. Some analysts interpreted that as below their forecasts, but others saw it as beating China’s currently sluggish economy.
Profit for the period was RMB36.8 billion ($5.14 billion), which was down 5% year on year, but a 38% improvement on the group’s second quarter.
Moreover, Tencent claims that a non-IFRS treatment of its accounts better reflects core earnings. On that measure profit for the period was RMB45.8 billion ($6.4 billion, a year-on-year increase of 37%.
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