The Shenzhen-headquartered tech giant reported 61.3 billion yuan ($11.9 billion) in profit on 180 billion yuan ($34.9 billion) in revenue in the first quarter, up 22 per cent and 13 per cent year over year respectively, and both well ahead of analysts’ consensus estimates as compiled by Visible Alpha. (The Logic)
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The Shenzhen-headquartered tech giant reported 61.3 billion yuan ($11.9 billion) in profit on 180 billion yuan ($34.9 billion) in revenue in the first quarter, up 22 per cent and 13 per cent year over year respectively, and both well ahead of analysts’ consensus estimates as compiled by Visible Alpha. (The Logic)
Talking point: Gamers helped power Tencent’s growth, with the firm making 42.9 billion yuan ($8.3 billion) in revenue in the domestic Chinese market and 16.6 billion yuan ($3.2 billion) internationally, up by almost a quarter each compared to the previous year. That’s higher than analysts’ prediction of a combined 54 billion yuan ($10.5 billion). Tencent’s studios plan to use AI to keep players engaged with its games, including by coaching them in multiplayer scenarios, chief strategy officer James Mitchell said in an earnings call Wednesday. The firm is spending significantly on chips and other AI tools, and president Chi Ping Lau said some investments will pay off immediately via cloud revenue and better ad sales.
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