Tencent Q3 profit shoots up 89pc to 38b yuan

Tencent's (0700) third-quarter net profit skyrocketed 89 percent year-on-year to 38.54 billion yuan (HK$45.09 billion), surpassing market expectations.

Non-IFRS net profit in the third quarter meanwhile surged 32 percent year-on-year to 32.3 billion yuan (HK$37.8 billion).

Third-quarter revenues were up 29 percent to 125.45 billion yuan from a year before.

Basic earnings per share were 4.059 yuan, but no interim dividend was declared.

In the third quarter, revenue from value-added services increased 37.87 percent year-on-year to 69.8 billion yuan.

Online games revenues grew by 45 percent to 41.42 billion yuan while revenues from fintech and business services increased by 24.28 percent to 33.26 billion yuan.

Revenues from online advertising increased by 16.25 percent to 21.35 billion yuan.

The Chinese gaming and social-media giant's shares had ended 4.7 percent higher at HK$577 ahead of the results.