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Tencent Grinds Out Profits Increase Despite Coronavirus Headwinds
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variety.comBy Patrick Frater Asia Bureau Chief Chinese social media, entertainment and games giant Tencent managed a 6% increase in profits in the first quarter of the year – a period which contained two months of coronavirus-induced turmoil.
The powerhouse company on Wednesday reported revenues increased by 26% year on year to $15.3 billion (RMB108 billion), and net profits up to $4.15 billion (RMB29.4 billion), in the January to March quarter.
Using another measure of profits favored by tech companies, earnings rose from $2.95 billion (RMB20.9 billion) to $3.82 billion (RMB27.1 billion).
By either measure, and also in terms of revenue, the group’s numbers were better than had been forecast, according to a poll of financial analysts.
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