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November 15, 2018

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Tencent profit up with games in the pipeline

Chinese Internet giant Tencent has posted a nearly 30 percent rise in profit in the most recent quarter.

Tencent said net profit came in at 23.33 billion yuan (US$3.39 billion) in the three months ending September 30, beating a Bloomberg analyst estimate of 18.39 billion yuan.

Tencent’s earnings have drawn scrutiny after the company posted a 2 percent year-on-year fall in profit for the preceding quarter, which Bloomberg data indicated was the first such decline in at least a decade.

Known for its ubiquitous WeChat social media and messaging program, Tencent relies heavily on revenues generated by video games played by its users, and the company outlook has been clouded by a government freeze on approvals for new game titles since earlier this year.

Tencent said smartphone game revenue grew 7 percent in the third quarter to 19.50 billion yuan.

But PC client game revenues were down 15 percent to 12.4 billion yuan “due to user migration to mobile games and the high base in the same quarter last year.”

Revenues got a boost from the release of 10 new titles during the quarter, Tencent said, adding that it had 15 more games in the pipeline and ready for release.




 

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