Tencent shows strong Q1 results


Tencent saw a significant increase in results in the first quarter of this year, thanks to continued strong gaming results, as well as an increase in ad sales. This was shown on Thursday by figures from the Chinese internet company in which Prosus, listed on the Damrak, has a strong interest.

Net profit rose to 47.8 billion yuan,or roughly 6.1 billion euros. On a quarterly basis, profits fell by just 20 percent. Revenue rose by 25 percent on an annual basis to 135.3 billion yuan. One of the reasons for the rise in revenue was an increase in online games and social media, the largest part of the Chinese internet giant. This revenue rose by 16 percent to 72.4 billion yuan.

But the other divisions of the internet company also showed revenue plus and online ads accounted for a revenue growth of 23 percent to 21.8 billion yuan. Revenue from FinTech and other business services even increased by 47 percent to 39 billion yuan. Tencent benefited from home work as a result of the coronavirus crisis.

The Tencent share in Hong Kong closed 0.3 percent higher on Thursday. In Amsterdam Prosus rose 2.4 percent.


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