China’s Tencent returned to revenue growth in the first quarter. As with search engine Baidu, the Chinese economy is picking up again after prolonged lockdowns.
The world’s largest video game company and owner of the WeChat messaging platform, in which Amsterdam-listed Prosus has a major stake, booked a sales increase of 11 percent, beating analyst expectations.
Sales reached 149.98 billion yuan ($21.70 billion) for the three months.
Net profit rose 11 percent to 25.83 billion yuan, slightly lower than analysts had expected.
Tencent posted its first annual drop in revenue last year, which was not only due to Covid, but also because the company was not allowed to release new games.
Two of Tencent’s most popular games – Honor of Kings and CrossFire – achieved record sales thanks to newly added features and promotions.
Domestic gaming revenue increased 6 percent to 35.1 billion yuan, while international gaming revenue grew 25 percent to 13.2 billion yuan.
Tencent also saw its online advertising revenue rise 17 percent to 21 billion yuan.
Source: Nieuws – Emerce by www.emerce.nl.
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