Tencent books 28.8b yuan quarterly profit

Tencent Holdings (0700) reported today net profit increased by 6 percent from the year before to 28.89 billion yuan for the first quarter of 2020.

Revenues for the quarter ended March 31, increased by 26 percent on-year to 108.1 billion yuan.

The basic earnings per share were 2.85 yuan.

Fintech services revenue fell sequentially as payment activities, especially offline transactions, and cash withdrawals dropped during the Chinese New Year and stay-at-home period, Tencent said.

Revenues from online advertising increased by 32 percent to 17.71 billion yuan. Social and other advertising revenues grew by 47 percent to 14.59 billion yuan.