Tencent Posts 10% Rise in First-Quarter Profit
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Dow Jones
By Yifan Wang
Tencent Holdings Ltd.'s first-quarter net profit rose 10% thanks to an improved domestic games business and continued growth in advertising revenue.
The world's largest videogame developer on Wednesday posted a net profit of 25.84 billion yuan ($3.70 billion), up from CNY23.41 billion a year earlier.
Revenue climbed 11% on year to CNY149.99 billion, helped by a turnaround in its domestic games business, which had suffered several quarters of top-line declines before rising 6% in the Jan-to-March period.
Online-advertising revenue jumped 17% to offer a further boost to Tencent's revenue momentum.
Write to Yifan Wang at yifan.wang@wsj.com
(END) Dow Jones Newswires
May 17, 2023 05:08 ET (09:08 GMT)
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