China

Tencent posts 175 per cent rise in fourth-quarter profit, as it faces tighter scrutiny from Chinese regulators and seeks new growth opportunities




Tencent Holdings reported on Wednesday a 175 per cent rise in profit for the fourth quarter, beating market estimates as the internet giant deals with increased scrutiny from the Chinese government’s crackdown on Big Tech companies.The Shenzhen-based company’s net profit reached 59.3 billion yuan (US$9.1 billion) in the three months ended December, up from 21.6 billion yuan during the same period in 2019 and 80 per cent above analyst estimates, according to Bloomberg data.Total revenue rose 26…



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