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Tencent: good results, warns of tough times ahead
- Friday | 16th August, 2019
However, Tencent saw a slowdown in online advertising revenue growth amid a slowing Chinese economy and Sino-U.S. trade tensions, and expects conditions to remain tough. Tencent made 24.14 billion yuan ($3.4 billion) in net profit for the April-June quarter, beating an average estimate of 20.74 billion yuan from 13 analysts polled by Refinitiv. Smartphone gaming revenue rose 26% to 22.2 billion yuan, helped by major titles including “Honour of Kings” and “Perfect World Mobile” as well as new releases. Desktop games revenue dropped 9% to 11.7 billion yuan. Approvals resumed in December, with Tencent receiving permission to launch “Perfect World Mobile” in the first quarter of this year.
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