$10.5 billion wiped off Tencent's market value as the Chinese giant strikes a cautious note

  • 📰 CNBC
  • ⏱ Reading Time:
  • 36 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 18%
  • Publisher: 72%

Malaysia News News

Malaysia Malaysia Latest News,Malaysia Malaysia Headlines

Tencent reported second-quarter revenue on Wednesday that missed analyst expectations, but the company beat forecasts on earnings.

The stock later pared some losses and was down around 2.5% at 11:42 a.m. HK/SIN. That equated to around $10.5 billion of value being wiped out.

The company's gaming division returned to growth, posting revenue of 27.3 billion yuan, up 8% year-on-year. Mobile games in particular were up 26%. Another bright spot was the company's financial technology and business services division, which includes revenues from, Tencent's wealth management product and cloud computing. That business was up 37% year-on-year to 22.9 billion yuan.

"Our assumption is that the macro environment will remain difficult for the rest of the year and that the situation of the heavy supply of advertising inventory will continue for the rest of the year and potentially into next year," he said on the company's earnings call on Wednesday.

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 12. in MY
 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.

i need a web developer

Malaysia Malaysia Latest News, Malaysia Malaysia Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Tencent’s Profit Rises 35% as New Games Hit MarketThe Chinese internet giant has been reviving its games business this year after a nine-month regulatory freeze on new-game approvals last year battered its business. Jesus! Someone’s gonna get shot! 🙄
Source: WSJ - 🏆 98. / 63 Read more »