Chinese gaming and social media giant Tencent posted strong profit and revenue growth as spending through its mobile payment app returned after the country’s lockdown came to an end and users continued to flock to its hit video games.
The Shenzhen-based company’s net attributable profit was up 37 per cent from a year earlier to Rmb33.1bn ($4.8bn), while revenue rose 29 per cent year on year to Rmb114.9bn. Analysts had forecast sales of Rmb112.8bn, according to Capital IQ.
However Tencent faces looming US sanctions that yet could damage its business. Last week the Trump administration turned its sights on the company, issuing an executive order banning US companies from doing business with it and rival ByteDance.
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