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Tencent says payment subsidy war set to continue after profit beat

Reuters  |  HONG KONG 

By Sijia JiangHONG KONG (Reuters) - A subsidy war in China's mobile payment market between its two biggest tech firms Tencent Holdings and Alibaba Group is set to continue, Tencent's president said after the firm reported a better-than-expected 61 percent jump in quarterly net profit. Asia's second-most valuable listed company said on Wednesday net profit for the first quarter was 23.29 billion yuan ($3.66 billion), beating the average analysts' estimate of 17.5 billion yuan. Strong mobile gaming revenue and 7.585 billion yuan in investment gains helped buoy its gross profit margin to 50.4 ...

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First Published: Wed, May 16 2018. 20:20 IST