China’s Tencent Holdings Ltd posted an 11 per cent rise in first-quarter revenue on Wednesday, beating analyst expectations.
The world’s largest video game company and operator of the WeChat messaging platform said revenue reached $21.70bn for the three months ended 31 March. That is compared with the $20.8bn average of 17 analyst estimates compiled by Refinitiv.
Net profit rose 11 per cent to $3.6bn, versus a $4.2bn yuan average analyst estimate. Tencent posted its first annual revenue decline last year, hit hard by the country’s now-abandoned zero-Covid policy as well as a months-long freeze on gaming licences by regulators that prevented it from releasing new games.
But it is likely heading for a rebound this year after the government resumed licence approvals late last year. The firm unveiled a long pipeline of games on Monday including seven titles ready to go online this summer.
