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Tencent profit surges above estimates on mobile gaming, investments

Reuters  |  HONG KONG 

By Sijia JiangHONG KONG (Reuters) - Chinese social media and gaming giant Tencent Holdings clocked a better-than-expected 61 percent jump in quarterly net profit and its first sequential gross margin rise in nearly three years, driven by a jump in mobile gaming revenue and investment gains.Asia's second-most valuable listed company said on Wednesday 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 Thomson Reuters.Revenue rose 48 percent to 73.53 billion yuan, beating the 70.93 billion yuan average ...

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First Published: Wed, May 16 2018. 16:43 IST