Tencent's Q2 profit gains 23%
Source: Bloomberg News |
August 11, 2011, Thursday
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Print Edition
Print Edition
TENCENT Holdings Ltd, China's biggest Internet company by revenue, said second-quarter profit rose 23 percent, missing analysts' estimates, as spending on developing new services offset higher online games sales.
Net income increased to 2.35 billion yuan (US$366 million) from 1.92 billion yuan a year earlier, Tencent said in a statement to the Hong Kong stock exchange yesterday. This lagged behind the 2.58 billion yuan average of 13 analysts' estimates compiled by Bloomberg News. Sales climbed 44 percent to 6.74 billion yuan from 4.67 billion yuan.
Tencent increased spending to attract users to its micro-blogging site, which trails that of Sina Corp in China, and is stepping up a challenge to Alibaba Group Holding Ltd in the online commerce market. Tencent shares have underperformed Chinese Internet rivals including Sina and Baidu Inc this year as earnings growth is projected to slow.
Net income increased to 2.35 billion yuan (US$366 million) from 1.92 billion yuan a year earlier, Tencent said in a statement to the Hong Kong stock exchange yesterday. This lagged behind the 2.58 billion yuan average of 13 analysts' estimates compiled by Bloomberg News. Sales climbed 44 percent to 6.74 billion yuan from 4.67 billion yuan.
Tencent increased spending to attract users to its micro-blogging site, which trails that of Sina Corp in China, and is stepping up a challenge to Alibaba Group Holding Ltd in the online commerce market. Tencent shares have underperformed Chinese Internet rivals including Sina and Baidu Inc this year as earnings growth is projected to slow.
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