Tencent Climbs After Mobile Games, Ad Sales Beat Estimates
- Asia's biggest Internet company posts 45 percent jump in sales
- Battle with Alibaba, Baidu for content is fueling spending
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Tencent Holdings Ltd. climbed to its highest in almost nine months as investment in social networking and games helped Asia’s biggest Internet company post a better-than-expected 45 percent jump in quarterly sales.
Tencent is building its content to draw users to its latest smartphone games, while driving the growth of ads on social networks. It’s buying video as well as the rights for anime, comics and novels to convert into mobile games that it promotes through its WeChat and QQ instant message systems. Shares rose 3.7 percent to close at HK$157.90 in Hong Kong, the highest since June 26.