Investing.com - China’s tech giant Tencent Holdings Ltd (HK:0700) reported a 30% jump in profit, from RMB18.047 billion in the third quarter last year to RMB23.405 billion for the same period this year.
Tencent’s shares rose 3.89% to HK$282.8 on Thursday morning following the earnings report.
The conglomerate’s profit for the first nine months of this year also leapt to RMB65,958 billion, from RMB50.849 billion over the same period last year. Even so, it has been a tough year for Tencent, whose shares plunged about 30% so far in 2018, according to CNN.
That downward trend likely pushed an organisational shift the company in October that consolidated three business units into two units for content and smart services, as well as an advertising line.
Despite Beijing’s regulatory crackdown on mobile games earlier this year to protect children’s eyesight, the company’s mobile games revenue for the third quarter grew 7% year-on-year. The company released ten new games this quarter and is developing 15 others in its pipeline.
The revenue from PC games was, however, down by 15% year-on-year as users migrate to mobile platforms.