Tencent Holdings, the world's largest gaming company, reported a 29 per cent annual increase in second-quarter net profit fuelled by advertising revenue and gaming demand.
Net profit rose to 42.6 billion Chinese yuan ($6.6bn) from the same period a year earlier as revenue jumped 20 per cent in the three months to the end of June, the company said in a statement on Wednesday. That surpassed the average Refinitiv estimate of 34.4bn yuan.
Net profit on a quarterly basis was down 10.8 per cent.
While the company's revenue climbed 20 per cent on an annual basis to 138.3bn yuan, this was its slowest pace of growth in two years as the gaming and social media giant faces continuing regulatory scrutiny from Chinese regulators.
"We enhanced our services and achieved healthy growth rates across our business lines, particularly business services and advertising, while our game revenue benefited from international growth,” Ma Huateng, chairman and chief executive of Tencent, said.
“We are increasingly deploying our technologies and expertise to help SMEs, public services, corporations collaborate internally and connect with their users externally, which we believe contributes to the real economy and to society at large,” said Mr Huateng.
The Shenzhen-headquartered company’s gaming division sales climbed 12 per cent yearly to 43bn yuan in the April-June period, primarily driven by the increase in revenue from games such as Honour of Kings and Pubg Mobile. It was the slowest pace of growth since the third quarter of 2019.
Chinese regulators have been engaged in a slew of antitrust probes since last year against monopolistic practices by some of the biggest technology players in the country including Alibaba.
They have targeted many of the industries in which Tencent and rival Alibaba operate in, including the online payments industry.
“The [second quarter] results show the resiliency of Tencent’s business in the face of a turbulent economic backdrop as well as its multiple growth drivers, but regulatory risk still remains,” Bloomberg Intelligence senior analyst Matthew Kanterman said.
Tencent’s online advertising sales increased 23 per cent year-on-year to 22.8bn yuan for the second quarter. Its FinTech and business services revenue soared 40 per cent to 41.9bn yuan.
“FinTech services revenue growth primarily reflected increasing digital payment transactions. Business services revenues increased rapidly year-on-year, due to digitalisation of public services and traditional industries,” Tencent said.
The company’s capital expenditures during the three months fell 27 per cent annually to 6.9bn yuan. Free cash flow decreased 39 per cent to 17.3bn yuan and net debt was 21bn yuan as of June 30.
Tencent’s fee-based VAS (value added services) subscriptions grew 13 per cent year-on-year to 229 million. Video subscriptions increased 9 per cent to 125 million, while music subscriptions jumped 41 per cent to 66 million.
How to wear a kandura
Dos
- Wear the right fabric for the right season and occasion
- Always ask for the dress code if you don’t know
- Wear a white kandura, white ghutra / shemagh (headwear) and black shoes for work
- Wear 100 per cent cotton under the kandura as most fabrics are polyester
Don’ts
- Wear hamdania for work, always wear a ghutra and agal
- Buy a kandura only based on how it feels; ask questions about the fabric and understand what you are buying
Traits of Chinese zodiac animals
Tiger:independent, successful, volatile
Rat:witty, creative, charming
Ox:diligent, perseverent, conservative
Rabbit:gracious, considerate, sensitive
Dragon:prosperous, brave, rash
Snake:calm, thoughtful, stubborn
Horse:faithful, energetic, carefree
Sheep:easy-going, peacemaker, curious
Monkey:family-orientated, clever, playful
Rooster:honest, confident, pompous
Dog:loyal, kind, perfectionist
Boar:loving, tolerant, indulgent
UAE currency: the story behind the money in your pockets
ELIO
Starring: Yonas Kibreab, Zoe Saldana, Brad Garrett
Directors: Madeline Sharafian, Domee Shi, Adrian Molina
Rating: 4/5
RACE RESULTS
1. Valtteri Bottas (FIN/Mercedes) 1hr 21min 48.527sec
2. Sebastian Vettel (GER/Ferrari) at 0.658sec
3. Daniel Ricciardo (AUS/Red Bull) 6.012
4. Lewis Hamilton (GBR/Mercedes) 7.430
5. Kimi Räikkönen (FIN/Ferrari) 20.370
6. Romain Grosjean (FRA/Haas) 1:13.160
7. Sergio Pérez (MEX/Force India) 1 lap
8. Esteban Ocon (FRA/Force India) 1 lap
9. Felipe Massa (BRA/Williams) 1 lap
10. Lance Stroll (CAN/Williams) 1 lap
11. Jolyon Palmer (GBR/Renault) 1 lap
12. Stoffel Vandoorne (BEL/McLaren) 1 lap
13. Nico Hülkenberg (GER/Renault) 1 lap
14. Pascal Wehrlein (GER/Sauber) 1 lap
15. Marcus Ericsson (SWE/Sauber) 2 laps
16. Daniil Kvyat (RUS/Toro Rosso) 3 laps
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The biog
From: Upper Egypt
Age: 78
Family: a daughter in Egypt; a son in Dubai and his wife, Nabila
Favourite Abu Dhabi activity: walking near to Emirates Palace
Favourite building in Abu Dhabi: Emirates Palace
UAE%20Warriors%2033%20Results
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FA Cup semi-finals
Saturday: Manchester United v Tottenham Hotspur, 8.15pm (UAE)
Sunday: Chelsea v Southampton, 6pm (UAE)
Matches on Bein Sports
Company Fact Box
Company name/date started: Abwaab Technologies / September 2019
Founders: Hamdi Tabbaa, co-founder and CEO. Hussein Alsarabi, co-founder and CTO
Based: Amman, Jordan
Sector: Education Technology
Size (employees/revenue): Total team size: 65. Full-time employees: 25. Revenue undisclosed
Stage: early-stage startup
Investors: Adam Tech Ventures, Endure Capital, Equitrust, the World Bank-backed Innovative Startups SMEs Fund, a London investment fund, a number of former and current executives from Uber and Netflix, among others.
Ferrari 12Cilindri specs
Engine: naturally aspirated 6.5-liter V12
Power: 819hp
Torque: 678Nm at 7,250rpm
Price: From Dh1,700,000
Available: Now
Global state-owned investor ranking by size
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United States
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China
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UAE
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Japan
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5
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Norway
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Canada
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Singapore
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Australia
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Saudi Arabia
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South Korea
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The Greatest Royal Rumble card as it stands
The Greatest Royal Rumble card as it stands
50-man Royal Rumble - names entered so far include Braun Strowman, Daniel Bryan, Kurt Angle, Big Show, Kane, Chris Jericho, The New Day and Elias
Universal Championship Brock Lesnar (champion) v Roman Reigns in a steel cage match
WWE World Heavyweight ChampionshipAJ Styles (champion) v Shinsuke Nakamura
Intercontinental Championship Seth Rollins (champion) v The Miz v Finn Balor v Samoa Joe
United States Championship Jeff Hardy (champion) v Jinder Mahal
SmackDown Tag Team Championship The Bludgeon Brothers (champions) v The Usos
Raw Tag Team Championship (currently vacant) Cesaro and Sheamus v Matt Hardy and Bray Wyatt
Casket match The Undertaker v Chris Jericho
Singles match John Cena v Triple H
Cruiserweight Championship Cedric Alexander v tba
Sholto Byrnes on Myanmar politics
Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
MATCH INFO
Juventus 1 (Dybala 45')
Lazio 3 (Alberto 16', Lulic 73', Cataldi 90 4')
Red card: Rodrigo Bentancur (Juventus)
