, Columnist
Tencent Brings a Hidden Giant Into View
The fintech and business services unit looks like the earnings driver that shareholders have been waiting for.
No red flags here.
Photographer: Giulia Marchi/BloombergThis article is for subscribers only.
Tencent Holdings Ltd.’s top line looked weak in the first quarter and its bottom line looked great. Gains on investments were the difference.
Yet the big revelation from the Chinese internet company’s earnings announcement late Wednesday is the size of its hidden giant: fintech and business services. For the first time, Tencent started breaking out revenue and costs for the division, which includes payments, wealth management, cloud services and smart retail.