The net income of Tencent, Naspers’ largest and most valuable investment, fell 32 percent to 14.2 billion yuan , missing the 17.55 billion-yuan average of estimates, on investments in content, cloud computing and financial technology. That’s the biggest shortfall on profits in at least a decade. The result also included the costs of share issues and impairments for companies it’s invested in as revenue surpassed projections.
Sales from its gaming division were better than feared, suggesting a modest recovery going into 2019, Ling added. Tencent’s shares gained as much as 1.2 percent in Hong Kong Friday. It’s now up more than 16 percent this year, compared with a 32 percent rise for New York-listed Alibaba. After making investments in a number of overseas games firms, including Netmarble Corp. and Ubisoft Entertainment SA, Tencent has built up its own capabilities in mobile titles. It plans to jointly develop and promote new games overseas with partners rather than just distributing content their content in China, Lau said.
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