Tencent’s net income rose 17% to 27.21 billion yuan in the three months ended March, surpassing the 19.4 billion-yuan average of analysts’ estimates. But that was boosted by 11.1 billion yuan of gains, including via adjustments for the fair value of its investee companies.
“Looking forward, we are pursuing multiple initiatives to revitalize growth,” Chief Strategy Officer James Mitchell told analysts on a conference call, citing overseas expansion as well as innovations like season passes for games. Still, the severely bruised gaming division showed signs of life. Tencent last week unveiled Game for Peace — known also as Peacekeeper Elite — a self-produced title in the same vein as global smash PlayerUnknown’s Battlegrounds. It concurrently pulled the plug on the mobile version of PUBG in China, a title it was never allowed to make money on during the months-long freeze.
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