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Investing.com-- Tencent Holdings (HK:0700) shares extended sharp gains on Thursday after the Chinese tech giant posted stronger-than-expected second-quarter results, driven by robust gaming revenue and growth in advertising.
The company’s Hong Kong-listed stock rose as much as 2.4% on Thursday to its highest level since April 2021. It jumped nearly 5% on Wednesday after the results were released.
Revenue for the three months to June 30 climbed 15% from a year earlier to 184.5 billion yuan ($25.72 billion), beating the 178.5 billion yuan forecast from LSEG.
Net profit rose 27% to 55.6 billion yuan, above expectations of 52.3 billion yuan.
Domestic gaming revenue grew 17% to 40.4 billion yuan, supported by new titles and higher engagement, while international gaming sales jumped 35% to 18.8 billion yuan.
Advertising revenue increased 20% to 35.8 billion yuan on demand for AI-powered ad targeting.
Tencent doubled capital spending to 19.1 billion yuan, with much of the investment going to artificial intelligence, including its in-house Hunyuan Turbo S model and partnerships with third-party developers.