Followers | 690 |
Posts | 144322 |
Boards Moderated | 35 |
Alias Born | 03/10/2004 |
Wednesday, May 13, 2020 8:20:03 AM
By: TheStreet | May 13, 2020
• Tencent said time spent online is likely to decease in the months ahead as lockdown conditions ease, but still posted more than $15.2 billion in first quarter revenues.
Tencent Holdings (TCEHY) posted stronger-than-expected first quarter earnings Wednesday as video subscriptions and gaming revenues at Asia's biggest tech company surged during China's coronavirus lockdown.
Tencent said net profit for the three months ending in March came in at 28.9 billion Chinese yuan ($4.07 billion), up 6.2% from the same period last year and well ahead of the Street consensus forecast of 23.83 billion yuan. Group revenues, Tencent said, rose 26.4% to 108 billion Chinese yuan, again beatings analysts' forecasts of a 101.4 billion tally.
"In the first quarter of 2020, we harnessed the power of technology to enable users to stay connected, informed and entertained, to help advertisers reach target audiences effectively, and to assist enterprises in achieving service continuity," Tencent said.
"Looking forward, we see several likely industry-wide headwinds, including consumer time spent online normalising which will lead to lower advertisement impression growth, online services advertisers adjusting their customer acquisition budgets to reflect revised life time value assumptions, and multinational brands sharply reducing their global marketing budgets as they faced the pandemic in their home markets."
Tencent's U.S. listed shares were little-changed in pre-market trading Wednesday following the earnings release to indicate an opening bell price of $55.35 each.
Tencent's two main online platforms -- WeChat and Weixin -- saw monthly average user growth rise 3.2% from the last quarter, and 8.2% on the year, to nearly 1.202.5 billion.
Video game revenue rose 31% from last year to 37.3 billion yuan, "primarily reflected revenue contributions from domestic smart phone games such as Peacekeeper Elite and Honour of Kings", while smartphone gaming revenue rising to 34.8 billion yuan, .
Read Full Story »»»
DiscoverGold
Information posted to this board is not meant to suggest any specific action, but to point out the technical signs that can help our readers make their own specific decisions. Caveat emptor!
• DiscoverGold
Recent TCEHY News
- Intuitive Machines Soars 18% on NASA Contract, Intel Considers Splitting Operations, Dell Reassesses Selling SecureWorks • IH Market News • 08/30/2024 10:00:08 AM
- Starbucks Rises 3%; Disney Unveils New Films and Expansions; Uber CEO Questions Tesla Robotaxi Viability, and More • IH Market News • 08/12/2024 09:46:16 AM
- TSMC July Revenue Surges 45%, Nasdaq Accelerates Penny Stock Delistings, Moody’s Downgrades Intel to BAA1, and More • IH Market News • 08/09/2024 09:44:44 AM
- Doordash and Deliveroo Terminate Talks; Universal Announces UK Theme Park Plan, and More News • IH Market News • 06/26/2024 11:08:35 AM
- Wall Street Highlights: Apple Appeals Watch Ban, Tesla to Launch Updated Model Y, and More • IH Market News • 12/27/2023 11:08:22 AM
- Correction to Global Gaming Stocks Article • Dow Jones News • 12/22/2023 12:32:00 PM
- Global Gaming Shares Dive After China Proposes Online-Gaming Curbs -- 2nd Update • Dow Jones News • 12/22/2023 12:13:00 PM
- Global Gaming Shares Fall After Draft China Rules Released -- Update • Dow Jones News • 12/22/2023 10:28:00 AM
- Moody’s Reassesses China, GitLab Exceeds Estimates, Twilio Plans Major Layoffs, and More • IH Market News • 12/05/2023 11:25:58 AM
- Canada Bans WeChat, Kaspersky Apps on Government Devices • Dow Jones News • 10/30/2023 05:12:00 PM
SANUWAVE Announces Reverse Stock Split, Note and Warrant Exchange, and PIPE Offering • SNWV • Oct 18, 2024 9:31 AM
Vocodia Addresses Recent Stock Price Movement and Future Strategic Partnerships • VHAI • Oct 18, 2024 9:00 AM
Mass Megawatts Announces the Start of an Online Discount Solar Energy Equipment Business with Revenue Recognized for the First Time Since Year 2010 in this Fiscal Quarter • MMMW • Oct 18, 2024 7:32 AM
Unitronix Corp Advances DeFi Innovation with Tokenized Real-World Assets Integration • UTRX • Oct 17, 2024 7:38 AM
Mass Megawatts Commences Solar Energy Sales Efforts • MMMW • Oct 16, 2024 7:45 AM
SANUWAVE Health Announces 1-For-375 Reverse Stock Split • SNWV • Oct 16, 2024 7:40 AM