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Investing.com -- Tencent (HK:0700) Holdings (OTC:TCEHY), the largest technology company in China by market capitalization, reported a 13% increase in its first-quarter revenue on Wednesday. This growth was primarily driven by its gaming business.
Tencent, also known as the world’s biggest video game company and the operator of the WeChat messaging platform, disclosed revenues of 180 billion yuan ($24.97 billion) for the quarter that ended on March 31. The reported revenues surpassed the average estimate of 174.6 billion yuan from analysts polled by the London Stock Exchange Group (LON:LSEG).
The company’s net profit for the quarter was 47.8 billion yuan, falling short of the LSEG analysts’ expectations of 52.2 billion yuan.
The revenue growth was primarily propelled by strong performance in the gaming segment. The company benefited from regulatory easing in China’s gaming sector, which has faced stringent restrictions in previous years.
For the quarter, domestic gaming revenue increased by 24% to 42.9 billion yuan, while international gaming revenue rose by 23% to 16.6 billion yuan.
The growth was driven by key titles such as "Dungeon & Fighter Mobile," which was launched in May 2024, and the shooting game "Delta Force," which debuted in September.
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