The world’s largest gaming company and owner of Chinese social media platform WeChat, Tencent reported Q4 earnings that exceeded market expectations yesterday, despite a slowing in sales growth, reports Investor’s Business Daily.
The company’s net profit in the last quarter of 2017 came in at RMB 20.8 billion ($3.28 billion), almost doubling year-on-year.
Revenue grew 51% in the same period to $10.16 billion, just shy of the market consensus of $11 billion. This could possibly be attributed to a slowdown in mobile gaming revenue, according to some reports.
Upon release of the figures, Tencent’s shares fell 3% to 57.89, 2 months on from its record high of 61 at the end of January.
“Looking forward, we will more aggressively invest to strengthen our long-term competitive positions in areas including online video, payment services, cloud services, AI technologies and smart retail,” the company said in its earnings release.