China's Tencent Marks Return to Revenue Growth in First Quarter

Reuters2023-05-17

HONG KONG, May 17 (Reuters) - China's Tencent Holdings Ltd posted a 11% rise in first-quarter revenue on Wednesday, beating analyst expectations, as its core advertising and gaming businesses recovered from COVID-19-related disruptions a year earlier.

The world's largest video game company and operator of the WeChat messaging platform said revenue reached 149.98 billion yuan ($21.70 billion) for the three months ended March 31.

That compared with the 146.09 billion yuan average of 17 analyst estimates compiled by Refinitiv.

Net profit rose 11% to 25.83 billion yuan, versus a 29.67 billion yuan average analyst estimate.

Tencent posted its first annual revenue decline last year, hit hard by the country's now-abandoned zero-COVID policy as well as a months-long freeze on gaming licences by regulators that prevented it from releasing new games.

But it is likely heading for a rebound this year after the government resumed licence approvals late last year. The firm unveiled a long pipeline of games on Monday including seven titles ready to go online this summer.

Domestic gaming revenue gained 6% to 35.1 billion yuan while international gaming revenue rose 25% to 13.2 billion yuan.

Tencent also saw revenue from online ads rose 17% to 21 billion yuan.

Revenue from fintech and business services grew 14% to 48.7 billion yuan as the firm continued to expand in those areas.

($1 = 6.9121 Chinese yuan renminbi)

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Comments

We need your insight to fill this gap

Leave a comment

9

{"i18n":{"language":"en_US"},"isChannel":false,"data":{"share":"https://ttm.financial/m/news/2336415367?lang=en_US&edition=fundamental","thumbnail":"","is_english":true,"pubTime":"2023-05-17 16:40","share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","id":"2336415367","market":"hk","top_or_hot":-1,"title":"China's Tencent Marks Return to Revenue Growth in First Quarter","media":"Reuters","content":"<html><head></head><body><p style=\"text-align: start;\">HONG KONG, May 17 (Reuters) - China&#39;s Tencent Holdings Ltd posted a 11% rise in first-quarter revenue on Wednesday, beating analyst expectations, as its core advertising and gaming businesses recovered from COVID-19-related disruptions a year earlier.</p><p style=\"text-align: start;\">The world&#39;s largest video game company and operator of the WeChat messaging platform said revenue reached 149.98 billion yuan ($21.70 billion) for the three months ended March 31.</p><p>That compared with the 146.09 billion yuan average of 17 analyst estimates compiled by Refinitiv.</p><p style=\"text-align: start;\">Net profit rose 11% to 25.83 billion yuan, versus a 29.67 billion yuan average analyst estimate.</p><p style=\"text-align: start;\">Tencent posted its first annual revenue decline last year, hit hard by the country&#39;s now-abandoned zero-COVID policy as well as a months-long freeze on gaming licences by regulators that prevented it from releasing new games.</p><p>But it is likely heading for a rebound this year after the government resumed licence approvals late last year. The firm unveiled a long pipeline of games on Monday including seven titles ready to go online this summer.</p><p style=\"text-align: start;\">Domestic gaming revenue gained 6% to 35.1 billion yuan while international gaming revenue rose 25% to 13.2 billion yuan.</p><p style=\"text-align: start;\">Tencent also saw revenue from online ads rose 17% to 21 billion yuan.</p><p style=\"text-align: start;\">Revenue from fintech and business services grew 14% to 48.7 billion yuan as the firm continued to expand in those areas.</p><p style=\"text-align: start;\">($1 = 6.9121 Chinese yuan renminbi)</p></body></html>","source":null,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>China's Tencent Marks Return to Revenue Growth in First Quarter</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nChina's Tencent Marks Return to Revenue Growth in First Quarter\n</h2>\n\n<h4 class=\"meta\">\n\n2023-05-17 16:40 北京时间&nbsp;&nbsp;&nbsp;<strong>Reuters</strong>\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>HONG KONG, May 17 (Reuters) - China's Tencent Holdings Ltd posted a 11% rise in first-quarter revenue on Wednesday, beating analyst expectations, as its core advertising and gaming businesses ...</p>\n\n<a href=\"\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"00700","symbol_name":"腾讯控股","start_time":0,"source_url":"","article_id":"2336415367","we_media_id":"1036604489","thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2336415367","pubTimestamp":1684312807,"sourceInfo":null,"weMediaInfo":{"media_name":"Reuters","introduction":"Reuters.com brings you the latest news from around the world, covering breaking news in markets, business, politics, entertainment and technology","home_visible":1,"id":"1036604489","head_image":"https://static.tigerbbs.com/443ce19704621c837795676028cec868"},"summary":"HONG KONG, May 17 (Reuters) - China's Tencent Holdings Ltd posted a 11% rise in first-quarter revenu","collect":0,"end_time":0,"defaultTopTitle":"","property":["earning"],"viewcount":null,"language":"en","relate_stocks":{"00700":"腾讯控股","TCEHY":"腾讯控股ADR"},"translate_title":"腾讯控股标志着第一季度收入恢复增长","themeId":"ec9f6f0df2b6498587e7f5318b2eff2b","isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"00700":0.9,"TCEHY":0.9},"content_text":"HONG KONG, May 17 (Reuters) - China's Tencent Holdings Ltd posted a 11% rise in first-quarter revenue on Wednesday, beating analyst expectations, as its core advertising and gaming businesses recovered from COVID-19-related disruptions a year earlier.The world's largest video game company and operator of the WeChat messaging platform said revenue reached 149.98 billion yuan ($21.70 billion) for the three months ended March 31.That compared with the 146.09 billion yuan average of 17 analyst estimates compiled by Refinitiv.Net profit rose 11% to 25.83 billion yuan, versus a 29.67 billion yuan average analyst estimate.Tencent posted its first annual revenue decline last year, hit hard by the country's now-abandoned zero-COVID policy as well as a months-long freeze on gaming licences by regulators that prevented it from releasing new games.But it is likely heading for a rebound this year after the government resumed licence approvals late last year. The firm unveiled a long pipeline of games on Monday including seven titles ready to go online this summer.Domestic gaming revenue gained 6% to 35.1 billion yuan while international gaming revenue rose 25% to 13.2 billion yuan.Tencent also saw revenue from online ads rose 17% to 21 billion yuan.Revenue from fintech and business services grew 14% to 48.7 billion yuan as the firm continued to expand in those areas.($1 = 6.9121 Chinese yuan renminbi)","kind":null,"is_publish_news":true,"is_publish_highlight":true,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":9,"commentSize":0,"repostSize":0,"favoriteSize":1,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.1","shortVersion":"4.29.1","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2336415367"}