Tencent profit surges 90% as it touts AI revenue boost and ramps up spending

In this article 700-HK Follow your favorite stocks CREATE FREE ACCOUNT Chinese tech company Tencent is a gaming giant and the parent company of WeChat, the ubiquitous social messaging app in China. Cheng Xin | Getty Images News | Getty Images Tencent on Wednesday posted a fourth-quarter beat on top and bottom line driven by a surge in gaming and advertising revenue. The company also notched a ramp-up in capital expenditure, which more than tripled in 2024, as it presses ahead with boosting its focus on artificial intelligence amid intense competition from Chinese rivals like Alibaba. Tencent touted a hike in AI-related revenue in areas such as cloud computing and advertising. Here's how Tencent did in the fourth quarter of 2024 versus Refinitiv estimates: Revenue: 172.4 billion Chinese yuan ($23.9 billion), versus 168.9 billion yuan expected. 172.4 billion Chinese yuan ($23.9 billion), versus 168.9 billion yuan expected. Profit attributable to equity holders of the company: 51.3 bil ... Read full article.