Tencent’s cost-cutting measures helped boost profit by a third but revenues missed estimates as anaemic domestic gaming sales and weak consumer confidence fed into the Chinese tech giant’s patchy performance.
Revenue increased a worse than expected 11 per cent to Rmb149.2bn ($20.4bn) in the quarter that ended in June, compared with a year earlier, the social media and gaming group reported on Wednesday, while net profit rose 33 per cent to Rmb37.5bn.
A combination of “careful cost discipline” and “gravitation towards high-quality revenue streams with better margins”, such as advertising, had contributed to profit growth exceeding revenue improvement, Tencent’s chair and chief executive Pony Ma said on Wednesday.
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