Tencent’s quarterly profit jumps 175%, beats forecasts

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(Reuters) – Chinese gaming and social media giant Tencent Holdings (OTC:TCEHY) Ltd on Wednesday reported a forecast-beating 175% rise in quarterly profit.

The world’s largest gaming firm by revenue booked profit of 59.3 billion yuan ($9.09 billion) for the three months through December. That was ahead of an average analyst estimate of 30.65 billion yuan, based on data from Refinitiv.

Revenue rose 26% to 133.67 billion yuan, versus market expectations of 132.19 billion yuan.

Tencent, which has benefited from a surge in paying users for video games in China and international markets, said online games revenues grew by 29%.

($1 = 6.5232 Chinese yuan renminbi)

(This story corrects online games revenues in last paragraph to 29% from 36%)