Thursday, 12 November 2020
Tencent stock jumped 5% on Wednesday after the Chinese gaming giant posted an 89% jump in quarterly profits, Reuters reports. Tencent pocketed 38.5 billion yuan ($5.8 billion) between July and September this year to eclipse analyst estimates by nearly 25%. The company’s total quarterly revenue increased 29% year-on-year to 125.45 billion yuan ($18.4 billion), powered by strong growth in Tencent‘s smart phone games. In fact, Tencent‘s online games revenues reached 41.42 billion yuan last quarter ($6.3 billion), a 45% rise year-on-year. “The increase was primarily due to revenue growth of our smart phone games, including domestic titles such as Peacekeeper Elite…
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