Tencent Profit Tops Views, Revenue In Line Amid China Gaming Crackdown
Summary
Tencent Holdings ( TCEHY ) said Wednesday that adjusted third-quarter earnings were 2.06 yuan a share, up 15% from a year ago, edging past analyst estimates.Revenue coming in-line as gaming sales slowed amid a Chinese government crackdown.XThe Chinese messaging and gaming giant, which owns the super-app WeChat, said Q3 revenue climbed 24% to 80.60 yuan.Total advertising revenue jumped grew 47% to 16.2 billion yuan, helping to offset the gaming slowdown.Tencent stock has dropped 29% from a year ago, as Chinese internet giants such as its archrival Alibaba ( BABA ) struggle with a slowing online sales growth and a cooling Chinese economy.
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