(Bloomberg) — Tencent Holdings Ltd.’s quarterly earnings missed estimates after China’s economic slowdown eroded its core gaming business and the cost of fending off ByteDance Inc. and other rivals rose.Net income came in at 21.6 billion yuan ($3.1 billion) in the three months ended December, compared with the average analysts’ estimate of 22.8 billion yuan. Revenue rose a slightly stronger-than-expected 25% to 105.8 billion yuan. While online gaming sales grew 25% — the first double-digit growth of that metric that China’s leading gaming company has managed since the first quarter of 2018 — overall costs swelled almost 20%.Tencent’s worse-than-anticipated profit …read more
Source:: Yahoo Finance
