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Tencent profits rise 46% in Q3 but fall short of analysts expectations

Tencent profits rise 46% in Q3 but fall short of analysts expectations

Tencent profits rise 46% in Q3 but fall short of analysts expectations

Tencent profits rise 46% in Q3 but fall short of analysts expectations

Above: Tencent booth at ChinaJoy Expo 2014

Image Credit: Dean Takahashi

China-based Internet giant Tencent reported today that total revenues had jumped 28 percent in the third quarter while profits grew 46 percent. While both appeared to be big increases, the profit growth fell below the 57 percent forecasted by analysts.

In a press release, the company said it had $3.2 billion in revenue for the quarter and $923 million in profits. That compares to $2.53 billion in revenues and $630 million in profits for the same quarter a year ago.

“We achieved another quarter of solid growth in our platforms, revenue and earnings,” said Ma Huateng, chairman and chief executive of Tencent, in a statement. “Given our traffic leadership and logged-in relationship with users, together with the proven scale of performance-based advertising services in China and overseas, we see ample scope for growth.”

Tencent has an earnings call scheduled to begin shortly.

More to come.

The development of Tencent and its products and services has profoundly influenced the way millions of Internet users communicate with one another socially and will continue to do so in the future. Since Tencent was founded in Nove… read more »

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