Tencent Sustains Covid-Era Boom as Revenue Climbs 25%
Tencent Holdings Ltd. reported a 25% gain in quarterly revenue as China’s largest company sustained a boom in gaming and cloud that began during the Covid-19 pandemic.
Revenue climbed to 135.3 billion yuan ($21 billion) in the three months ended March, compared with the average 133.8 billion yuan of estimates. Net income came in at 47.8 billion yuan, versus 28.9 billion yuan a year earlier.
The results affirmed the resilience of the world’s largest game publishing business as the pandemic recedes.
For now, gaming and social content remain Tencent’s biggest and steadiest cash cows. It announced a pipeline of more than 40 new mobile and PC titles during its annual game showcase Sunday, including those adapted from familiar content like Japanese manga series One Piece and Digimon.
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