China’s most valuable listed company Tencent’s quarterly profit has surged more than 60 per cent as the internet group focuses more on higher-margin businesses including advertising and ecommerce.
Tencent’s net income rose 62 per cent year on year to Rmb42bn ($5.8bn) in the first three months of 2024, beating analyst estimates and driven largely by a more profitable advertising business. Revenues were Rmb159.5bn, up 6 per cent compared with the first quarter of 2023.
Tencent’s share price has risen more than 30 per cent since the start of the year, as investors show signs of selectively returning to Chinese tech equities after several years of battered valuations following a regulatory crackdown and rising US-China tensions.
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