Tencent Holdings Ltd. delivered record quarterly profit that reassured investors bracing for a big hit to margins from spending on everything from video to old-school retail.
Smartphone games revenue, the largest revenue contributor, was 21.7 billion yuan in the quarter.
Tencent continues to draw the lion's share of its business from gaming, while counting on advertising and finance via WeChat to drive future growth. Tencent said that there was "double digit growth" in terms of daily active users for the game. The first is called "PlayerUnknown's Battlegrounds" or PUBG, which is a massive multiplayer online game.
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Tencent's gaming business has historically done well, with the PC games segment being the company's cash cow for a long time. Another title - Honour of Kings - was the world's highest-grossing mobile game a year ago thanks to its China-based users and Tencent has been pushing it to worldwide audiences.
Fortnite was developed by Epic Games, a company that saw Tencent acquire a 48.4 percent stake for US$330 million.
Fortnite, though unavailable in China yet, has gone viral in United States and Europe and ranked as the top-grossing game globally in March, according to Superdata.
Shares of Tencent have come under pressure of late and are off by 17% from an all-time high from January.
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The market is still quite bullish on the stock, despite some of the concern over spending.
Profit was also helped by one-time gains of nearly 7.6bn yuan from its investments in arenas like video and news. That's despite the company reporting that capital expenditure in the quarter was up 200 percent to 6.3 billion yuan.
Despite criticism that Tencent has lost its innovation ability and has become more like an investor, the company has proved that its investing activities actually go hand in hand with the development of its core business.
Tencent had also entered into an agreement with infrastructure firm China Communications Construction to collaborate on connection, data, and integrating digital information technology to help build China's communications infrastructure under the Belt and Road initiative, according to China Communications' website.
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