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Yahoo BusinessAug 12, 2020
Tencent Profit Surges as Growth Hits Fastest Pace Since 2018
(Bloomberg) -- Tencent Holdings Ltd. boosted revenue at the fastest pace in two years, defying an economic downturn in China as it prepares to face a ban on its WeChat messaging app by U.S. President Donald Trump.Sales rose 29% to 114.9 billion yuan ($16.5 billion) in the three months ended June, beating estimates with a surge in online gaming revenue. It reported net income of 33.1 billion yuan that beat the highest of analysts' projections, thanks to a gain of more than 8.6 billion yuan from asset disposals and valuation gains in its portfolio of investments. Shares in Prosus NV, which holds the internet assets of major shareholder Naspers Ltd., gained about 3% in Amsterdam.China's biggest social media company has benefited from an internet resurgence during Covid-19, though it still faces a U.S. ban on its WeChat service with potentially far-ranging impact. While Tencent didn't address that sanction in its earnings outlook, executives will seek to reassure analysts on a call later it can withstand a White House campaign that's already ensnared Huawei Technologies Co. and dozens of Chinese up-and-comers.What Bloomberg Intelligence SaysTencent's 2Q earnings beat was driven by heady performances across all business lines, including online games, social advertising and fintech, delivering a dose of reassurance to investors as a U.S. ban looms for WeChat.\- Vey-Sern Ling and Tiffany Tam, analystsClick here for the research.Tencent is focusing on its core home market amid growing foreign hostility. It won
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