Tencent's Q3 profit jumps 69%, revenues climb 61%

Hong Kong Shanghai stocks hit by falling oil prices

Hong Kong Shanghai stocks hit by falling oil prices  15 Nov 2017- 11:19

Tencent's net profit for the three months ended September rose 69 percent to 18 billion yuan ($2.7 billion), beating an average estimate of 15.2 billion yuan.

Victor Au, the chief operating officer at Delta Asia Securities, said Tencent has been aggressively "expanding its income channel apart from games, which also generate huge profits for the company". Analysts polled by S&P Global Market Intelligence expected a profit of 15.7 billion yuan. While they've been quickly rewarded since China Literature's debut last week, with shares rising 83 percent through mid-day Thursday, some other Tencent-backed companies that recently went public in the U.S. are far from thriving. Tencent will invest in online video through original content production or IP purchase, despite it being "an unprofitable sector", Lau said, because it is core to Tencent's cross-media intellectual property strategy and increases engagement time.

Revenue rose 61 percent to 65 billion yuan, against an estimate of CNY 60.78 billion. The company had at least four of the 10 highest-grossing games in Apple Inc.'s app store during the quarter, according to App Annie and Citi Research.

Stock buyers piled into the initial public offering of the Chinese technology titan's e-book arm China Literature Ltd, hoping it would repeat Tencent's 500-fold increase since its own listing.

Bigg Boss 11: Hina Khan to be sent to a secret room?
Everyone will try to make them understand including the task coordinator Hiten but they will not listen to anybody. She said in a tweet that Bandgi and Puneesh brainwashed Akash who was unhappy with Shilpa and Vikas's patch-up.

Ma attributed the gains made by Tencent last quarter to strong revenue growth across multiple business lines, including games, digital content, online advertising and payment-related services.

"We believe [Tencent Video] has become China's top online video platform in terms of mobile daily active users and subscriptions", said Tencent chairman and chief executive Pony Ma Huateng in a statement on Wednesday.

Alyssa Abkowitz contributed to this article.

Latest News