Tencent Holdings Ltd. has reported a 65 percent rise in quarterly profits. The Chinese company reported that the rise in profit was a result of the increasing demand for its video games by users in China and international markets.
The gaming and social media company is the world’s largest gaming company by revenue volume. The company’s profit for the fiscal first quarter was 47.77 billion Yuan ($7.42 billion) and has surpassed the expectation of analysts from Refinitiv. The analysts from Refinitiv expected the company’s profit to run into 35.45 billion Yuan.
Against the market expectations of 134.39 billion Yuan, the company’s revenue rose 25 percent to 135.3 billion Yuan. The company revealed that revenue from online games rose by 17 percent.
Tencent Holding Ltd. unveiled more than 60 new titles at its annual video gaming conference last week. The company has plans of launching a Pokemon game in partnership with Nintendo, and a mobile version of its League of Legends game. “We are stepping up our investments in game development, and in particular focusing on large-scale and high-production-value games that can appeal to users globally”, the company which gets 32 percent of its revenue from video games said.
Ibhadojemu Lucky Emmanuel is a graduate of Education and Economics from the University of Benin. He has a passion for tech and business and has been writing professionally for over a period of five years. He's written across various topics and segments and knew tech-business was it when he first stumbled on it. He has a great passion for music and arts, and wants to visit as many countries as he can someday.
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