Tencent's Fourth-Quarter Profit Rose 12%
By Yifan Wang
Tencent Holdings Ltd.'s fourth-quarter net profit rose 12% despite muted revenue growth, as better cost efficiency and a disposal gain boosted the bottom line.
The world's largest videogame developer on Wednesday posted net profit of 106.27 billion yuan ($15.44 billion), up from CNY94.96 billion a year earlier. Most of the profit came from nonoperational gains of CNY85.8 billion during the period, when Tencent recorded a CNY106.6 billion gain from the disposal of its stake in Chinese delivery giant Meituan.
Its revenue rose slightly to CNY144.95 billion from CNY144.19 billion, helped by a turnaround in Tencent's advertising business.
Write to Yifan Wang at yifan.wang@wsj.com
(END) Dow Jones Newswires
March 22, 2023 05:14 ET (09:14 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.-
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