Online game revenue pushes Tencent to strong Q4; founder meets with antitrust regulators

Mar. 24, 2021 8:41 AM ETTencent Holdings Limited (TCEHY)TCEHY, TCTZFBy: Brandy Betz, SA News Editor2 Comments
  • Tencent (OTCPK:TCEHY,OTCPK:TCTZF) tops Q4 revenue estimates, reporting RMB133.67B, up 26% on the year and versus the RMB132.19B consensus. Profits were up 17% to RMB59.3B.
  • The fourth quarter strength was driven by a 29% increase in online gaming revenue, fueled by pandemic-related gaming demand.
  • In other news, Reuters sources say Tencent founder Pony Ma has met with China's antitrust watchdog to discuss the company's compliance with regulations.
  • Tencent is reportedly the next major target in the Chinese regulatory crackdown, which has threatened Alibaba with a record antitrust fine and pulled Ant Group's IPO days before the blockbuster dual listing.
  • Additional source: Earnings press release.
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