Tencent posts better-than-expected Q1 results

Shenzhen-based Tencent Holdings, operator of China’s biggest video games and social media businesses, beat estimates to record a 17% year-on-year increase in first-quarter net profit, primarily driven by commercial payment, social advertising and digital content services.

The Hong Kong-listed tech giant posted a net profit of RMB27.2 billion (US$3.9 billion) in the quarter ended March 31, up from RMB23.3 billion in the same period last year and ahead of the RMB19.4 billion consensus from analysts compiled by Bloomberg.

Revenue grew 16% to RMB85.5 billion, compared with RMB73.5 billion a year ago, but fell short of the RMB88.7 billion consensus analysts’ estimate.

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