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Tencent Surges as Profit Beats Estimates on Mobile Games
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Tencent Holdings Ltd., Asia’s largest Internet company, surged in Hong Kong trading after first-quarter profit rose 60 percent because of online game sales and advertising revenue from its WeChat and QQ messaging services.
The Shenzhen-based company rose 5.8 percent, the most in a month, to HK$108.80 as stockholders approved a 5-for-1 share split. Net income jumped to 6.46 billion yuan ($1.04 billion) in the three months ended March, helped by one-time gains, beating the 4.86 billion-yuan average of nine analysts’ estimates compiled by Bloomberg.