Tencent posts flat enlargement in Q1 income, misses estimates

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An emblem of Tencent is noticed all through the Global Web Convention (WIC) in Wuzhen, Zhejiang province, China, November 23, 2020. REUTERS/Aly Tune

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HONG KONG, Would possibly 18 (Reuters) – Chinese language gaming and social media large Tencent Holdings (0700.HK) reported flat enlargement in first-quarterly income, its worst ever such efficiency, and likewise neglected marketplace estimates as China’s financial slowdown and a freeze on new sport licences weighed on its trade.

It posted income of to 135.5 billion yuan ($20.08 billion)within the quarter ended March, as opposed to 135.3 billion yuan in the similar quarter final yr, and under a median analyst estimate of 141 billion yuan drawn from 16 analysts, in step with Refinitiv.

Benefit on account of fairness holders of the corporate additionally fell 51%.

($1 = 6.7488 Chinese language yuan renminbi)

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Reporting by way of Josh Ye; Enhancing by way of Louise Heavens

Our Requirements: The Thomson Reuters Accept as true with Ideas.

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