TCTZF - Tencent: Positive Medium-Term Outlook

2024-07-10 07:44:09 ET

Summary

• Tencent's 1Q24 results exceeded expectations, with revenue up 6% and adjusted net profit growing 54%.
• The beat in gross profit margin, driven by high-margin businesses like mini-games and video accounts, contributed to the strong performance.
• The games segment showed positive momentum, with domestic game grossing and international games both experiencing growth.
• The consistent share repurchase execution also provides a nice shareholder return and price support if necessary.

Tencent Holdings ( TCEHY ) recently reported its 1Q24 results which surpassed expectations.

For those new to Tencent, the company is a leading Internet company in China engaged in multiple business lines including online games, social networking services, online advertising, and mobile value-added services....

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