SHANGHAI:Chinese gaming and social media giant Tencent Holdings posted a 29% rise in second-quarter profit, a slower pace of growth after the coronavirus pandemic led to a boom in online gaming last year. Net profit for the three months through June came in at 42.6 billion yuan, above an average Refinitiv estimate drawn from 13 analysts of 34.4 billion yuan. Revenue climbed 20% to 138.3 billion yuan, in line with expectations. That fallout saw Tencent temporarily lose its crown as Asia's biggest company by market capitalisation to chipmaker TSMC earlier this week. Tencent has said the company is very focused on compliance and risk management.

Source: The Star August 18, 2021 08:48 UTC