Tencent Holding Ltd. (OTC: TCEHY), the China gaming and messaging giant, announced its financial results for the second quarter ended June 30, 2017, with both earnings and revenue beating estimates.
According to the company, revenue for the second quarter increased 59% to 56.6 billion yuan ($8.47 billion), beating analysts’ estimates of $7.79 billion. Operating profits for the second quarter was up 70% to 18.2 billion yuan ($2.7 billion), also surpassing previous estimates of 13.5 billion yuan.
“During the second quarter of 2017, we delivered strong revenue growth from multiple businesses, which enabled us to reinvest in innovations and new technologies in an increasingly competitive industry. While our games business continued to grow, we have stepped up our effort to ensure users play games in a healthy manner,” Mr. Ma Huateng, the Chairman and CEO of the company, said in the statement on Tuesday.
“Our payment business continued to make everyday life easier for Internet users, with increased adoption of Weixin Payment for offline transactions. We have also been increasing our investment in cloud services and AI technologies, which will enable us to serve our users and business partners even better into the future,” he said.