High demand for video games during COVID-19 lockdowns buoyed Tencent Holdings' first-quarter revenue and profits, with blockbuster games PlayerUnknown's Battlegrounds Mobile and Honor of Kings helping it beat forecasts.
HONG KONG - High demand for video games during COVID-19 lockdowns buoyed Tencent Holdings’ first-quarter revenue and profits, with blockbuster games PlayerUnknown’s Battlegrounds Mobile and Honor of Kings helping it beat forecasts.
Its flagship games PlayerUnknown’s Battlegrounds Mobile and Honor of Kings topped mobile games revenue globally in March, analytics firm Sensor Tower said, reinforcing Tencent’s status as the world’s largest gaming firm by sales. However, Tencent’s President Martin Lau said that in-game consumption was reverting to normal levels after the May 1 holiday as people began to return to work.Tencent’s stock has jumped nearly 14.38% this year, against a 15% decline in Hong Kong’s broader Hang Seng index.
“The pandemic expedited the digitalisation of people’s way of life...Tencent is very mature in the monetisation of its current products,” Liu said.
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