Tencent's Revenue Growth Momentum Could Reaccelerate in 2Q -- Market Talk

Dow Jones04-22

0326 GMT - Tencent's revenue growth momentum could reaccelerate from 2Q, thanks to new game titles and likely stronger video account advertising and livestreaming fee supported by e-commerce seasonality, Citi analysts say in a research note. Tencent will likely report in-line 1Q revenue, with profit possibly slightly ahead of the consensus as solid ad revenue offsets the game segment's weakness, they say. Domestic games revenue will likely return to on-year growth in 2Q, benefiting from new game releases such as "Dungeon & Fighter Mobile" and a rebound in existing titles. Citi maintains a buy call on Tencent with an unchanged target price of HK$459.00. Shares are 4.3% higher at HK$317.00. (sherry.qin@wsj.com)

(END) Dow Jones Newswires

April 21, 2024 23:26 ET (03:26 GMT)

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