Tencent posts better than expected 3% profit jump

Shenzhen, China – October 23, 2019: Building of TENCENT company – Twin-skyscrapers headquarters located at Shenzhen Bay Start Up Plaza in Nanshan business district.

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Chinese gaming and social media giant Tencent Holdings posted a 3% rise in third-quarter profit on Wednesday, beating analyst expectations as it flagged the impact of heightened regulatory scrutiny and a slowdown in advertising.

Net profit for the three months through September rose to 39.5 billion yuan ($6.18 billion), above an average Refinitiv estimate of 35 billion yuan drawn from 14 analysts.

Revenue climbed 13% to 142.4 billion yuan, slightly below expectations.

Sales from mobile games rose 9%, the owner of games such as “Honor of Kings” and “PUBG mobile” said in a statement.

The period also saw China’s largest company by market value hit by new limits on the amount of time minors can spend playing video games. The government has not approved any new games since August.

Beijing’s year-long crackdown on its once-freewheeling internet industry has punished well-known companies for engaging in what were previously considered regular market practices, wiping billions of dollars off their market values.

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