Tencent, China’s largest internet company by market value, reported lower than expected profits in the third quarter, although net income rose 43 per cent to Rmb10.6bn ($1.54bn), driven mainly by increases in advertising and revenues from social networks.
While the figure slightly undershot the Rmb10.7bn estimated by a Bloomberg analyst poll, overall revenues exceeded predictions at Rmb40bn for the quarter, a 52 per cent increase year-on-year, compared with estimates of Rmb39bn.
Tencent also reported that growth eased in online advertising revenues, in line with guidance earlier this year predicting a slowdown in spending on ads, as China’s slowing economic growth made brands more cautious.
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