Tencent's splurge on premium content pays off with strong Q2 earnings
Hong Kong
TENCENT Holdings Ltd's shopping spree on premium content from Game of Thrones to NBA broadcasts has again helped defy investors' expectations and a slowing Chinese economy.
Second-quarter sales and profit beat analysts' estimates as the operator of the WeChat and QQ social network services splashed out on mobile games and content - including anything from anime and comics to novels. That strategy paid off as users surged and online advertising revenue swelled 60 per cent, confounding fears about marketing cutbacks.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Companies & Markets
Google updates US$499 low-end Pixel phone, cuts tablet price
Meta will let advertisers create campaigns using new generative AI tools
Match posts sixth straight decline in Tinder users; shares fall
Reddit gains after strong sales in first report since IPO
OpenAI inks licensing deal with People magazine publisher
Apple unveils new AI-focused chip in upgraded iPad Pro models