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Tencent revenue growth slows to 16% in Q1

Wednesday 15 May 2019 | 17:24 CET | News

Tencent reported first-quarter revenues up 16 percent to CNY 85.5 billion (USD 12.7 billion), as solid growth in online advertising and expansion in payment and cloud services helped offset the slowdown in its games activities. Adjusted EBITDA rose 15 percent to CNY 35.6 billion, and net profit increased 17 percent to CNY 27.2 billion. 

The new FinTech and Business Services unit generated revenues of CNY 21.8 billion, up 44 percent year-on-year. Revenues from Online Advertising increased by 25 percent to CNY 13.4 billion, including 34 percent growth over social media. The remaining VAS activities were up 4 percent to CNY 49.0 billion, as growth in online video and music subscription services offset online games revenue down 1 percent to CNY 28.5 billion. 



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Categories: Internet
Companies: Tencent
Countries: China
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