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Tencent first-quarter net profit surges 61 percent, beats estimate

Reuters  |  HONG KONG 

HONG KONG (Reuters) - Chinese and gaming giant Holdings reported on Wednesday a 61 percent rise in net profit for the first quarter of the year, beating estimates, thanks to strong mobile games revenue.

Asia's second-most valuable listed company said net profit for the quarter was 23.29 billion yuan ($3.66 billion), against an average estimate of 17.5 billion yuan from 11 analysts polled by That represented a quarter-on-quarter rise of 12 percent.

Revenue rose 48 percent to 73.53 billion yuan, beating the 70.93 billion yuan average estimate of 14 analysts, according to data.

games revenue, the largest revenue contributor, jumped 68 percent to 21.7 billion yuan while revenue from the more lucrative category of PC games was flat at 14.1 billion yuan.

User numbers of Tencent's popular WeChat app reached 1.04 billion.

($1 = 6.3694 Chinese yuan renminbi)

(Reporting by Sijia Jiang; Editing by Muralikumar Anantharaman)

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Wed, May 16 2018. 15:16 IST