Tencent reports profit beat on games growth, touts AI benefits

Chinese tech company Tencent is a gaming giant and the parent company of WeChat, the ubiquitous social messaging app in China.

Cheng Xin | Getty Images News | Getty Images

Chinese social media and gaming company Tencent on Wednesday reported better-than-expected profit in the third quarter, spurred by growth in games, advertising and cloud services.

Tencent reported profit attributable to shareholders of 53.23 billion yuan ($7.37 billion) in the third quarter, compared with a LSEG estimate of 46.18 billion yuan over the period.

The company’s revenue came in at 167.19 billion yuan, short of the 167.82 billion yuan analyst forecast.

This breaking news story is being updated.

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