FB - Tencent Blows Past Estimates as Online Gaming and WeChat Prove Coronavirus-Proof
Stay-at-home orders are hurting economies all over the world, but they are actually leading to a demand surge for those companies that cater to the new normal. One of the biggest stay-at-home stocks in the entire world is Chinese internet giant Tencent (OTC: TCEHY). Tencent has an array of internet products across online gaming, social media, video and music streaming services, electronic payments, and cloud computing.
Tencent just reported its results from the first quarter of 2020, a period during which the majority of China was locked down due to the coronavirus. Yet Tencent's main businesses showed resilient results -- if not better -- even amid nationwide stay-at-home orders. In response, the stock rose nearly 4.5% yesterday on an otherwise down day for the markets, showing that Tencent still remains one of the safer businesses in the world right now.
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