May 13, 2020 / 9:26 AM / 19 days ago

Tencent Q1 revenue jumps 26% as lockdowns spur game spending

HONG KONG, May 13 (Reuters) - Chinese gaming and social media giant Tencent Holdings Ltd said on Wednesday net profit in its first quarter rose 6%, beating market estimates, boosted by high demand for its video games during the pandemic.

The world’s largest gaming firm by revenue booked a 28.90 billion yuan ($4.07 billion) profit for the three months through March. That was ahead of an analyst average estimate of 23.84 billion yuan, according to data from Refinitiv.

Revenue rose 26% to 108.07 billion yuan, versus market expectations of 101.42 billion yuan. ($1 = 7.0936 Chinese yuan renminbi) (Reporting by Pei Li and Brenda Goh, editing by Louise Heavens)

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