Tencent opens its wallet to drive growth in slowing economy
Spending goes up by 69% in Q3 to bankroll forays into content, cloud computing, online finance and video-streaming
Hong Kong
TENCENT Holdings Ltd's growing appetite for spending on new businesses helped fuel a stronger-than-expected rise in revenue despite a weakening Chinese economy.
Asia's largest Internet company ratcheted up spending by 69 per cent in the third quarter to bankroll forays into content, cloud computing, online finance and video-streaming. That in turn drove a faster-than-anticipated 52 per cent rise in revenue to 40.4 billion yuan (S$8.3 billion) for the operator of social media phenomenon WeChat.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Technology
Meta’s results are best viewed through rose-tinted AI glasses
'Harvesting data': Latin American AI startups transform farming
After long peace, Big Tech faces US antitrust reckoning
Tech’s cash crunch sees creditors turn ‘violent’ with one another
Tech millionaires chase billionaire tax shields with ‘swap fund’
Elon Musk’s Starlink profits are more elusive than investors think