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Tencent reports 3% jump in third-quarter profit, beating expectations -Breaking

by Mike Robinson

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© Reuters. FILEPHOTO: Tencent’s logo was seen at the World Internet Conference, (WIC), in Wuzhen Zhejiang, China on November 23, 2020. REUTERS/Aly song/File Photo

SHANGHAI, (Reuters) – Tencent Holdings, a Chinese social media and gaming giant, reported a 3% increase in its third quarter profit. This beat analyst expectations. It highlighted the effects of increased regulatory scrutiny on advertising and a slowdown in Chinese gaming.

The net profit in the three months to September rose by 39.5 billion Yuan ($6.18billion), higher than an average Refinitiv estimate at 35 billion Yuan, based on 14 analysts.

($1 = 6.3917 renminbi)

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