Tencent Third-Quarter Results Top Estimates For Sales, Profits

15 November, 2017, 18:29 | Author: Regina Silva
  • Tencent Third-Quarter Results Top Estimates For Sales, Profits

Tencent also said it recorded rapid growth in subscription for digital content services.

Revenue for Tencent was up 61% to over 65 billion yuan, which beat estimates that averaged 60.8 billion yuan.

Social media and gaming major Tencent Holdings said Wednesday its net profit for the third quarter was up 69% on year, thanks to solid all-round revenue growth.

Net profit for the three months ended September rose to 18 billion yuan (US$2.72 billion), China's largest social media and gaming company said in a filing to the Hong Kong Stock Exchange.

Its Youtube equivalent, Tencent Video, now has more than 43 million paying subscriptions, making it the video streaming service with the largest subscriber base in China, Tencent said. Online advertising business achieved 48% year-on-year revenue growth.

Tencent Video competes against Baidu's iQiyi and Alibaba-backed Youku Tudou.

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The role-playing fantasy game that is based upon historical characters in China, become so popular Tencent was required to implement curbs on the play timer earlier in the year amidst reports of serious problems of addiction amongst children. It said the increase was primarily because of greater sharing and content costs, and expenses for payment-related services.

Revenue from smartphone games grew by 84% to 18.2 billion yuan in the quarter, led by the strong performance of titles including its popular multiplayer online battle arena game Honour of Kings.

Last year, Tencent ramped up its global video games business with its acquisition of Finnish mobile game developer Supercell Oy for US$8.6 billion.

Its messaging app WeChat, meanwhile, now has 980m monthly active users and sends 38bn daily messages. It also owns significant interests in U.S. developers Riot Games, Epic Games, Glu Mobile and Activision Blizzard; British studios Milky Tea and Frontier Developments; South Korean firm CJ Games; and Japanese company Aiming.

Tencent has ploughed back plenty of its profits over the years to strengthen its gaming business.

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