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China’s Tencent Defies Regulatory Gloom With $5 Billion Quarterly Profit
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variety.comPatrick Frater Asia Bureau ChiefChina’s tech giants are supposed to be feeling the lash of the regulators’ tongue as they come under growing anti-trust scrutiny in the areas of pricing, payment methods, and use of data to target shoppers.
But third quarter financial data from social media and entertainment titan Tencent, instead showed that the company continues to be a profit generating machine.For the three months from July to September 2020, revenues climbed by 29% to $18.4 billion (RMB125 billion).
Profit for the period climbed 85% year-on-year to $5.71 billion (RMB38.9 billion) with a corresponding leap in net margins from 22% to 31%.
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