Tencent has reported a better-than-expected 30% rise in Q3 profits to CNY23.3bn ($3.4bn) and a 24% increase in revenue to CNY80.6bn. The company said its net profit rose by more than 50% from the same period last year, helped by strong sales of mobile games such as Clash Royale and Candy Crush Saga. Although Tencent’s revenue rose by 24 percent to 80.6 billion yuan ($11.6 billion), this represented its slowest quarterly growth in more than three years. New rules for the gaming industry in China, including a halt on new game approvals, has impacted on Tencent's main business, with shares falling by a third this year. Tencent game PUBG Mobile is yet to receive approval in China, which could be worth $1bn a year, according to estimates.
Tencent has reported a better-than-expected 30% rise in Q3 profits to CNY23.3bn ($3.4bn) and a 24% increase in revenue to CNY80.6bn. The company said its net profit rose by more than 50% from the same period last year, helped by strong sales of mobile games such as Clash Royale and Candy Crush Saga. New rules for the gaming industry in China, including a halt on new game approvals, has impacted on Tencent's main business, with shares falling by a third this year. Tencent game PUBG Mobile is yet to receive approval in China, which could be worth $1bn a year, according to estimates.