Tencent beats estimates as WeChat, Honour of Kings drive growth

Hong Kong: Tencent Holdings Ltd posted a quarterly profit that surpassed all estimates as its marquee title Honour of Kings drove a 54% surge in mobile gaming revenue. China’s largest corporation reported a 70% surge in net income to a record 18.2 billion yuan for the three months ended June, exceeding the 13.5 billion-yuan average of estimates compiled by Bloomberg. The still-nascent advertising and finance business on instant messaging app WeChat has also boosted investors’ confidence it can compete with ad-leader Alibaba Group Holding Ltd and sustain growth. “Mobile games revenue grew fast, benefiting from titles like Honour of Kings,” said Li Yujie, an analyst with RHB Research Institute Sdn in Hong Kong.