Tencent on Wednesday reported a surge in profit for the second quarter, but missed expectations.
Tencent is now starting to see the benefits of the cost-cutting drive it embarked on last year, when it exited non-core businesses and tightened marketing spending.
But the weaker than expected revenue growth continues to reflect the turbulent Chinese economy which has failed to recover after the pandemic as strong as many had thought. on Wednesday reported a weaker-than-expected surge in profit for the second quarter, as cost-cutting measures began to pay off and sales rose across the company's various businesses.Revenue: 149.21 billion Chinese yuan vs. 151.73 billion yuan expected, representing a rise of 11% year-on-year.
Profit attributable to equity holders of the company: 26.17 billion Chinese yuan vs 33.42 billion yuan. That is a 41% year-on-year rise.
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