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Tencent profit nearly doubles on year after IPOs

Published 03/21/2018, 10:10 AM
© Reuters.  Tencent profit nearly doubles on year after IPOs
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  • Tencent (OTCPK:TCEHY, OTCPK:TCTZF) plans to use its better than expected quarterly profit on investments in the Weixin Pay video service, cloud services, and AI.
  • The company’s net profit for the December quarter nearly doubled on the year to $3.29B. Revenue jumped 51% on the year, but that was weaker than estimates. The miss was due to lower mobile gaming revenue.
  • Profits boomed thanks to a string of successful IPOs including Yixin, Sogou, and Netmarble.
  • Tencent Music remains an IPO candidate. Tencent has no other spin-off plans at the moment.
  • Previously: Tencent Holding reports Q4 results (March 21)
  • Now read: Build Your Crypto Portfolio Using Iconomi DAA Insights


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