Games Recovery Lifts China’s Tencent to 47% Quarterly Profit Increase
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variety.comPatrick Frater Asia Bureau Chief Sometimes described as the world’s largest games company in revenue terms, China’s Tencent increased its net profits by 47% in the three months from July to September.
Gains were driven by both its domestic and international games businesses. In addition to games, Tencent is China’s largest social media company, thanks toits ubiquitous WeChat/Weixin messaging platform) and its biggest long-form video streamer (Tencent Video and WeTV).
In the music sector Tencent is China’s biggest music streamer and owns significant investment stakes in both Spotify and Universal Music Group.
For the third quarter of its current year, the group reported revenues of RMB167 billion ($23.9 billion), up 8% year-on-year.
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