Regulatory Hurdles Harming Tencent Holdings, Despite Strong Earnings
August 19 2021 - 05:04AM
TipRanks
Tencent Holdings Limited (TCEHY) released decent second-quarter
results. The stock price gained 3.7%, to close at $57.20 on August
18. Tencent is the world's leading provider of online chat and
payment services in China. It also has a booming cloud computing
company and offers online gaming. Let’s take a quick look at the
earnings. Revenues grew 20% year-over-year to RMB138.3 billion
(USD21.4 billion). Meanwhile, net profit came in at BMB42.6 billion
(USD6.5 billion), which jumped about 29% year-over-year. The second
quarter's results were boosted by strong business services and
advertising, strong demand for games, and increased digitalization
of public services and traditional sectors.
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Tencent (PK) (USOTC:TCEHY)
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