China's Tencent posts 11% second-quarter revenue rise, profit misses estimates

Tencent ​Holdings reported ​a 11% rise ​in second-quarter revenue on Wednesday, driven by strong advertising ‌sales ⁠and ⁠steady gaming income, ​as the Chinese technology giant ramps ​up AI spending.

For the three months ​ended June, ⁠the Shenzhen-based ‌gaming and internet ​company ​reported revenue ⁠of 204.8 billion yuan ($30.36 billion), ​in line with ​analyst estimates of 202.2 billion yuan, according to LSEG data.

Net profit rose ‌0.7% from a year earlier ​to 56 ​billion ⁠yuan, falling short of analyst expectations of 61.8 billion ​yuan.


($1 = 6.7449 Chinese yuan renminbi)