Tencent rises in HK after results top analysts' estimates
Shares up 2.7% in early trading after WeChat owner reported 61% rise in third-quarter sales on Wednesday
Hong Kong
TENCENT Holdings Ltd rose in Hong Kong after posting accelerating sales growth and topping the most optimistic of analyst estimates.
The shares rose as much as 2.7 per cent to HK$393.40 (S$68.35) in early trading, on pace for a record close. The owner of WeChat, the social network that is nearly ubiquitous in China, reported a 61 per cent rise in third-quarter sales on Wednesday. Fuelled by advertising and hit game Honour of Kings, the growth was the fastest since 2010, when revenue was a mere one-fourteenth of its current level.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Technology
Brokers’ take: DBS cuts Venture Corp price target after Q1 earnings miss
Garmin’s Q1 results beat on strong demand for fitness, auto products
Foxconn’s musical chairs sound like punk rock
US sets up board to advise on safe, secure use of AI
Regulate AI? How US, EU and China are going about It
Meta’s results are best viewed through rose-tinted AI glasses