Chinese behemoth Tencent Holdings Limited reported double-digit growth in both its top line and bottom line for the second quarter as all its business lines saw an improvement, the company reported in a filing.
- Profit attributable to equity holders increased 29% to RMB42.6 billion, basic earnings per share stood at RMB4.472 and diluted earnings per share at RMB4.387. Revenues increased 20% to RMB138.3 billion.
- Chairman and Chief Executive Ma Huateng attributed the second-quarter growth to its business services and advertising and gaming revenue, which benefited from international growth during the period.
- Gaming revenues jumped 12% to RMB43.0 billion, online advertising up 23% to RMB22.8 billion, and fintech and business services grew 40% to RMB41.9 billion. Tencent tightened game time and spending limits for minors in August.
- First-half profit jumped 26% to RMB90.4 billion, basic earnings per share at RMB9.492, and diluted earnings per share at RMB9.299. Revenues were up 23% to RMB273.6 billion.
The company plans to gradually roll out stricter user limits for minors across all its games, such as preventing in-game spending by players under 12 years of age. It will also crack down on minors misusing adult accounts. 0700 is down 3.44%.