Tencent Holdings posts 35% rise in net profit thanks to growth in gaming business
In 2018, Tencent turned in its slowest annual profit growth in 13 years due to a suspension in approvals for new games. Tencent Holdings posted a better-than-expected 35 percent rise in quarterly net profit on Wednesday as growth in its gaming business resumed after a long regulatory freeze in China and its fintech operations saw revenues rise sharply. However, the world’s largest gaming firm by revenue also reported a slowdown in online advertising revenue growth and said business conditions were likely to remain tough amid a slowing Chinese economy and Sino-US trade tensions. “FinTech and Business Services” - a new revenue category set up this year that includes payment and cloud services - generated CNY 22.9 billion, up 37 percent on comparable business last year, helped by rapid growth in commercial payment volume. Tencent said revenue growth at its cloud services business remained robust and it gained key contracts such as PICC, Bank of Communications, and public services such as healthcare and transportation in various cities.
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