Caixin
Caixin Global – Latest China News & Headlines

Home >

ABOUT US

CX Live is Caixin Global's real-time news portal, featuring 24-hour breaking news, short-form analysis, and roundups from business and social media in China.

TRENDING
Chinese DNA Sequencing Firm BGI Faces Legal Battle with Illumina
Chinese Chipmaker SMIC to Delist From NYSE, Focus on Hong Kong
Just Add Water, Physics-Defying Car Company Claims
LATEST
China Doesn’t Engage in ‘State Monopoly Capitalism’: Banking Chief
Huawei Seeks $1 Billion in First Big Funding Test After U.S. Ban
Chinese Chipmaker SMIC to Delist From NYSE, Focus on Hong Kong
Just Add Water, Physics-Defying Car Company Claims
Hong Kong Banking Tycoon Passes Baton to Two Sons
Fears Grow as Fall Armyworm Continues Invasion of Chinese Farms
Rural Policy Bank Sells Bond to Retail Investors in Hong Kong
Baidu Continues Shaking Up Its Management Board
Xiaomi Fires Vice President for ‘Obscene’ Behavior
Update: Chinese EV Startup Digs Into Real Estate
Chinese DNA Sequencing Firm BGI Faces Legal Battle with Illumina
U.S. Companies and Consumers Pay for China Tariff Costs, IMF Says
Weibo Shares Slump After Q1 Revenue Growth Slows
Anxin Trust Questioned for Plunging Profits and Accounting Errors
Meituan Sees Strong Revenue Growth, Despite Drag From Mobike
DHL, Panasonic Deny Severing Huawei Ties
China Renewables Industry Comes of Age With Ambitious Subsidy-Free Projects
China Readies 600 Kph Maglev Prototype
Mercedes-Benz Makes it Easier to Trade in Defective New Cars in Wake of PR Nightmare
Shanghai Man Sentenced to Death for Child Murder
Payment and Ad Profit Buoy Tencent as Gaming Falters

By Tang Ziyi and Qian Tong / May 15, 2019 07:25 PM / Business & Tech

Photo: IC Photo

Photo: IC Photo

It’s no time for games, according to Tencent’s latest earnings report.

The internet behemoth saw its profit grow in the first three months of 2019 after a disappointing fourth quarter last year, thanks to gains in its payment and advertising businesses, which offset declining gaming earnings hit by regulatory restrictions.

Tencent’s net profit increased 17% to 27.2 billion yuan ($4 billion) in the first quarter this year, according to the company’s earnings report released Wednesday.

Revenue from fintech and business services, including payment and cloud services, rose 44% year-on-year to 21.8 billion yuan in the first three months, while revenue from Tencent’s advertising business rose 25% to 13.4 billion yuan.

Its smartphone gaming revenue, previously its single largest source of revenue, declined 2% to 21.2 billion yuan, as fewer new games were released, Tencent said.

Beijing’s recent push to tighten regulation on video games has taken a toll on gaming companies. A long backlog of game titles awaits official approval in China, after a 10-month freeze that only ended in December.

Related: Chinese Game-Makers’ Long Winter Begins to Thaw

Share this article
Open WeChat and scan the QR code
Copyright © 2017 Caixin Global Limited. All Rights Reserved.