Tencent Holdings posts 35% rise in net profit thanks to growth in gaming business
5 years, 5 months ago

Tencent Holdings posts 35% rise in net profit thanks to growth in gaming business

Firstpost  

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.

Business Growth Revenue Billion Quarter Rise Tencent Net Profit New Games  services  gaming  billion  net  posts  tencent  cny  quarter  revenue  profit  business  holdings  growth  thanks  rise

History of this topic

Tencent offloads stake in British challenger bank
5 months ago

Tencent offloads stake in British challenger bank

The Telegraph  

The Chinese tech titan Tencent has cashed in its stake in the British challenger bank Tide as part of a retreat from international investments. Tencent Cloud Computing, the Chinese company’s cloud division, reduced its 14pc stake in Tide to zero in April, according to a recent company filing. It is unclear who bought Tencent’s stake although Tide ran a secondary …

Tencent doubles share repurchases as revenue, profit rises
9 months, 3 weeks ago

Tencent doubles share repurchases as revenue, profit rises

China Daily  

People visit the Tencent stand during the 2018 World Artificial Intelligence Conference in Shanghai, Sept 21, 2018. Chinese tech firm Tencent Holdings said on Wednesday that it will at least double the size of its share repurchases from HK$49 billion in 2023 to over HK$100 billion this year, as the company posted a rise in revenue and profit in its …

Tencent chief says gaming business under threat, catching up in AI
11 months, 2 weeks ago

Tencent chief says gaming business under threat, catching up in AI

The Hindu  

Pony Ma, chief executive and co-founder of Tencent Holdings, has said that the company's video games business faces great challenges from competitors but is catching up in artificial intelligence development. Ma’s speech underscores concerns whether Tencent, the world’s biggest gaming company and the operator of China’s biggest social network WeChat, can defend its status as China’s No.1 tech company at …

China’s video game makers come in from the cold as crackdown eases
1 year, 11 months ago

China’s video game makers come in from the cold as crackdown eases

The Hindu  

China's end to a sweeping crackdown on its video games market is expected to breathe life back into the battered industry this year, but remaining restrictions on some content and economic headwinds will limit the extent of the recovery. Shares of Tencent, the world's largest gaming company, and NetEase rose this week after China's video games regulator granted the first …

Tencent revenue falls for first time since going public
2 years, 4 months ago

Tencent revenue falls for first time since going public

Hindustan Times  

Chinese tech giant Tencent on Wednesday posted its first drop in quarterly revenue since going public, as the company grapples with China's economic downturn, pandemic disruptions and ongoing scrutiny from regulators. Tencent also cut around 5,500 jobs down to 110,715 employees by the end of June, the first quarterly decline in workforce since 2014. Tencent said China's domestic gaming market …

Tencent profit halves as crackdown, COVID-19 weigh
2 years, 7 months ago

Tencent profit halves as crackdown, COVID-19 weigh

Al Jazeera  

The world’s largest video game company said ad sales slumped 18 percent in the first quarter ending March 31. The operator of the WeChat messaging platform and the world’s largest video game company said ad sales slumped 18 percent in the first quarter ended March 31, following a 13 percent drop in the October-December period. In a call with analysts, …

Tencent Q4 earnings prompt stock tumble as China crackdown hits growth
2 years, 9 months ago

Tencent Q4 earnings prompt stock tumble as China crackdown hits growth

CNN  

Hong Kong CNN Business — Tencent’s stock suffered a sharp drop after the company reported its slowest-ever growth due to a bruising crackdown by China on the country’s tech sector. Co-founder Pony Ma and president Martin Lau joined an earnings call on late Wednesday and acknowledged that 2021 was a “challenging year” for Tencent and China’s internet industry more broadly. …

Tencent vows fresh gaming curbs after 'spiritual opium' attack zaps $60 billion
3 years, 5 months ago

Tencent vows fresh gaming curbs after 'spiritual opium' attack zaps $60 billion

The Hindu  

China's Tencent Holdings Ltd said on Tuesday it would further curb minors' access to its flagship video game, hours after its shares were battered by a state media article that described online games as "spiritual opium". Economic Information Daily cited Tencent's "Honor of Kings" in an article in which it said minors were addicted to online games and called for …

Tencent, Alibaba, Meituan stocks continue to plunge as China expands its crackdown
3 years, 5 months ago

Tencent, Alibaba, Meituan stocks continue to plunge as China expands its crackdown

CNN  

Hong Kong CNN Business — Chinese tech stocks keep getting slammed with a stunningly massive sell-off that has wiped outhundredsof billions of dollars in market valueas investors continue to digest Beijing’s widening crackdown on private enterprise. Meituan closed down 17.7% in Hong Kong on Tuesday, eclipsing Monday’s massive 14% loss — making it the food delivery firm’s worst two days …

Tencent just got a bit of good news from Chinese regulators on its Sogou deal
3 years, 6 months ago

Tencent just got a bit of good news from Chinese regulators on its Sogou deal

CNN  

Hong Kong CNN Business — Chinese regulators have cleared the way for Tencent to take complete control of Sogou, a major search engine that could help the tech firm take on market leader Baidu. China’s State Administration for Market Regulation said Tuesday that it had “unconditionally approved” the buyout, which will take New York-listed Sogou private. “This merger is powerful,” …

Tencent Q1 earnings: Company puts out strong results, but shares slump
3 years, 7 months ago

Tencent Q1 earnings: Company puts out strong results, but shares slump

CNN  

Hong Kong CNN Business — Tencent is pulling in more money and plans on investing more in games and videos, even as Beijing expands its scrutiny of the tech sector. “People are basically looking for excuses to cash out their stake in the company,” said Hong.“There’s always risk associated with new investments, so some people may want to take money …

Tencent stock: Naspers’ spin-off Prosus sells stake worth $15 billion
3 years, 9 months ago

Tencent stock: Naspers’ spin-off Prosus sells stake worth $15 billion

CNN  

Hong Kong CNN Business — Tencent’s biggest shareholder has sold $14.7 billion worth of shares in the Chinese social media and gaming giant, and will use the money to invest in other growth ventures. Prosus, a spin-offby South African media and internet investment firm Naspers, sold a 2% stake in Tencent for 114.2 billion Hong Kong dollars, the Chinesetech giant …

Tencent boss meets China antitrust officials as scrutiny widens
3 years, 9 months ago

Tencent boss meets China antitrust officials as scrutiny widens

The Hindu  

Pony Ma, the low-profile founder of Tencent Holdings, China's biggest social media and video games company, met with antitrust watchdog officials this month to discuss compliance at his group, three people with direct knowledge of the matter told Reuters. Wu Zhenguo, the head of SAMR's anti-monopoly bureau, who was also at the meeting, expressed concern about some of Tencent's business …

Tencent loses $62 billion, wiping out value of fintech business
3 years, 10 months ago

Tencent loses $62 billion, wiping out value of fintech business

Live Mint  

Tencent Holdings Ltd. shares fell a second day on concern regulators are now turning their sights to Pony Ma’s business empire, fueling a $62 billion wipe-out that one brokerage says obliterated most of the value of its online finance business. China’s top financial regulators see Tencent as the next target for increased supervision after the clamp down on Jack Ma’s …

PUBG Mobile Ban: Tencent Has Lost About $34 Billion in Just Two Days
4 years, 4 months ago

PUBG Mobile Ban: Tencent Has Lost About $34 Billion in Just Two Days

News 18  

The recent ban on the popular mobile game PUBG Mobile has hit the Indian gaming community hard, but not as much as the game’s developer Tencent. Apart from PUBG Mobile, Arena of Valor, Chess Run, and Ludo World have also been blocked, all of which have an association with Tencent and are being considered for the company’s dip in the …

Tencent profits are soaring, but it still has to contend with Trump’s WeChat ban
4 years, 5 months ago

Tencent profits are soaring, but it still has to contend with Trump’s WeChat ban

CNN  

Hong Kong CNN Business — Tencent reported surging profits on Wednesday as its executives scramble to understand a new US ban targeting its messaging app WeChat and the impact it will have on its business. During a call with investors, executives addressed President Donald Trump’s broad executive order issued last week against WeChat, highlighting several times that the action does …

Tencent posted a big profit. But there’s trouble ahead
5 years, 5 months ago

Tencent posted a big profit. But there’s trouble ahead

CNN  

Hong Kong CNN Business — Tencent’s profit jumped 35% in the second quarter thanks to a sharp turnaround in its video game business. Shares in Tencent tumbled nearly 3% in Hong Kong on Thursday after the tech giant reported sales that fell short of analyst expectations and warned that an economic slowdown in China was hurting its advertising business. “China’s …

Tencent takes down PUBG, one of its top video games, in China
5 years, 8 months ago

Tencent takes down PUBG, one of its top video games, in China

CNN  

Hong Kong CNN Business — Tencent has pulled the plug on its wildly popular video game PlayerUnknown’s Battlegrounds in China, a likely victim of government restrictions on gaming. A message posted on the game’s official social media account said the testing period for PlayerUnknown’s Battlegrounds ended on Wednesday. VCG via Getty Images Karen Chan, an analyst with Jefferies, said the …

Tencent: Naspers is bringing its $134 billion stake to Europe
5 years, 9 months ago

Tencent: Naspers is bringing its $134 billion stake to Europe

CNN  

London CNN Business — Tencent’s largest investor is listing its $134 billion stake in the Chinese internet giant in Europe. South African media group Naspers unveiled plans Monday to bundle its stakes in tech businesses including Tencent into a new company that will be listed in Amsterdam. Naspers would float 25% of the shares in the new business, which it …

Tencent profit plunges 32% but its gaming business is recovering
5 years, 9 months ago

Tencent profit plunges 32% but its gaming business is recovering

CNN  

Hong Kong CNN Business — Tencent’s troubles aren’t over yet. Brokerage firm Daiwa said Tencent’s solid gaming business will continue to pull in money, users and overseas players. “We believe the company’s ability to procure quality gaming content in adverse market conditions will drive a recovery in sentiment,” Daiwa analysts wrote in a report published Wednesday. Tencent is still waiting …

Tencent gaming: Regulators finally approve new titles from the Chinese tech giant
5 years, 11 months ago

Tencent gaming: Regulators finally approve new titles from the Chinese tech giant

CNN  

Hong Kong CNN Business — Tencent is back in the game in China. After a nine-month freeze that hammered Tencent ’s stock price, Chinese authorities have started allowing the internet company to make money off new mobile games again. China’s State Administration of Press and Publications began issuing new game licenses late last month, wading into an estimated backlog of …

Tencent finally gets some good news on gaming in China
6 years ago

Tencent finally gets some good news on gaming in China

CNN  

Hong Kong CNN Business — Tencent’s gaming nightmare in China appears to be coming to an end. Shares in the Chinese internet giant, the world’s largest gaming company, rose more than5% Friday, after a government official signaled a prolonged freeze on approvals for new games is finally coming to an end. “Approvals for the first batch of games have been …

Tencent music arm debuts on NYSE
6 years, 1 month ago

Tencent music arm debuts on NYSE

China Daily  

Visitors check out Tencent Music Entertainment products at the company's booth during a music show in Beijing. Tencent Holdings Ltd's music arm finally pressed the play button, debuting on the New York Stock Exchange on Wednesday, as part of the tech giant's efforts to diversify its business and seek new growth drivers. Tencent Music Entertainment Group priced its initial public …

Tencent aims to hit the right note with IPO
6 years, 1 month ago

Tencent aims to hit the right note with IPO

China Daily  

The stand of Tencent Holdings Ltd's music arm at an industry expo in Beijing. With a combined 800 million monthly active users, Tencent's music subsidiary runs four leading mobile music apps in China, namely QQ Music, Kugou Music, Kuwo Music and mobile karaoke app WeSing. Tencent has a 58 percent stake in TME, while Swedish music streaming peer Spotify Technology …

China’s video game freeze knocks Tencent out of top 10 biggest companies
6 years, 3 months ago

China’s video game freeze knocks Tencent out of top 10 biggest companies

CNN  

New York CNN Business — China’s crackdown on video games has hammered one of its most valuable companies. China is the world’s biggest gaming market, and Tencent is the world’s biggest gaming company. But the uncertainty over when the Chinese government will start approving new game licenses again remains a key problem for Tencent shares, analysts at investment bank Daiwa …

Tencent announces restructuring amidst introduction of tougher govt regulation
6 years, 3 months ago

Tencent announces restructuring amidst introduction of tougher govt regulation

Firstpost  

The reshuffle is followed by a hefty fall in market value for Tencent Holdings this year. Chinese internet giant Tencent Holdings announced on Sunday its first restructuring in six years, done at a time it faces increased challenges from tighter government regulations. The reshuffle comes as Tencent Holdings, which has seen a hefty fall in market value this year, is …

Tencent market value slumps by $20 billion after Chinese crackdown on gaming
6 years, 4 months ago

Tencent market value slumps by $20 billion after Chinese crackdown on gaming

Firstpost  

Chinese Ministry called on parents to limit the time their children spend using mobile phones. Tencent Holdings’ market value slumped by around $20 billion on Friday after China intensified a crackdown on online gaming citing rising levels of myopia, heightening regulatory risks for companies in the world’s biggest gaming market. Tencent has lost more than $160 billion in market value …

Tencent loses $20 billion in value after China attacks myopia with gaming curbs
6 years, 4 months ago

Tencent loses $20 billion in value after China attacks myopia with gaming curbs

Live Mint  

Hong Kong/Beijing: Tencent Holdings’ market value slumped by around $20 billion on Friday after China intensified a crackdown on online gaming citing rising levels of myopia, heightening regulatory risks for companies in the world’s biggest gaming market. The limits came around the same time as Tencent drew scrutiny from China’s communist party mouthpiece, the People’s Daily, which described “Honour of …

Fortnite, Tencent and the fate of world’s biggest game market
6 years, 4 months ago

Fortnite, Tencent and the fate of world’s biggest game market

Live Mint  

Tencent Holdings Ltd., the world’s biggest games company, needs some help from Fortnite, the world’s hottest game. The primary reason: The Chinese government unexpectedly froze the approval of new games, including Fortnite, stunning investors and even Tencent’s management. “It’s unclear how many games are going through this channel and how many will come out," said Daniel Ahmad, an analyst at …

Tencent stuns with first profit drop in a decade
6 years, 5 months ago

Tencent stuns with first profit drop in a decade

Live Mint  

Hong Kong: Tencent Holdings Ltd. joined the ranks of Facebook Inc. by reporting shockingly poor quarterly numbers, underscoring how tech superstars that led the market to new heights are showing signs of strain. Tencent surprised investors with its first profit drop in at least a decade—a consequence of a freeze on game approvals in China that smothered its pipeline. A …

Profit at China's Tencent falls for first time in 13 years
6 years, 5 months ago

Profit at China's Tencent falls for first time in 13 years

The Telegraph  

Chinese technology giant Tencent unveiled its first profit fall in 13 years after a sluggish performance from its mobile gaming division. Tencent, the second most valuable firm listed in Asia and one of the largest constituents of the MSCI Emerging Market index, blamed the slowdown in growth on weak sales of some of its popular gaming titles. The poor performance, …

Tencent’s $143 billion rout is world’s biggest as tech sinks
6 years, 5 months ago

Tencent’s $143 billion rout is world’s biggest as tech sinks

Live Mint  

Hong Kong: If you thought the slump in US technology stocks was bad, take a look at Tencent Holdings Ltd. Tencent, Asia’s second-largest company after e-commerce behemoth Alibaba Group Holding Ltd., has also been dogged by concern that growth in its mobile-gaming unit is slowing. “Investors are increasingly pricing in lower expectations for Tencent’s interim results,” said Linus Yip, a …

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