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Tencent Quarterly Profits Rebound to $6.7 Billion as China Games Segment Returns to Growth and Streaming Adds Subscribers
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variety.com
variety.comPatrick Frater Asia Bureau Chief Tencent, China’s leading social media, streaming and games group, enjoyed a rebound in profitability in the second quarter of the year that it says vindicates its position as platform operator and content producer.
Revenues in the April to June period increased by 8% to RMB161 billion ($22.5 billion), but net profit surged ahead by 82% to RMB47.6 billion ($6.67 billion).
On a six month, or first half year, view, Tencent reported Revenues up 7% to RMB320 billion ($44.8 billion) and net profits up 70% at RMB89.5 billion ($12.5 billion).
Tencent Video saw a year-on-year growth in video streaming subscribers of 13% to a (restated) 117 million. Management credited intra-group synergies for some of the gains.
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