Tencent Likely to Post Softer 1Q Gaming Revenue -- Market Talk

Dow Jones04-12

0233 GMT - Tencent is likely to post better advertising revenue, offset partly by weaker gaming revenue for 1Q, Jefferies analysts Thomas Chong and Zoey Zong say in a research note. They project 1Q revenue to rise 4% on year. The gaming segment's revenue is forecast to drop 5%, weighed by soft performance of two major titles, "Honor of Kings" and "Peacekeeper Elite." Meanwhile, online advertising likely got a boost from an upgrade of ad infrastructure on better data insights and improved performance for the video-accounts business, with Jefferies estimating segment revenue growth of 16% for 1Q. Focus for the upcoming 1Q earnings call is on Tencent's new games in the pipeline and overseas gaming strategies. Jefferies keeps a buy rating on the stock with a target price of HK$453.00. Shares are down 1.0% at HK$312.00. (tracy.qu@wsj.com)

(END) Dow Jones Newswires

April 11, 2024 22:33 ET (02:33 GMT)

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