Tencent's online ad revenue grows for the first time in more than a year
Publishing timestamp: 2023-03-23 00:44:13
Summary
Chinese tech giant Tencent reported better-than-expected quarterly revenue, driven by growth in ads within its "video accounts" business. However, overall revenue barely grew in Q4 and fell for all of 2022 due to Covid controls. Tencent shared some details about its development of artificial intelligence, but did not disclose specific forthcoming products. The company's largest revenue segment, gaming, fell by 2% in Q4, while financial technology and business services revenue fell by 1%. Tencent sees opportunities to develop financial products such as wealth management, loans, and insurance over the longer term.
Sentiment: NEUTRAL
Tickers: 1024-HK, 700-HK, BABA, BIDU,
Keywords: stock markets, markets, business news, market insider, alibaba group holding ltd, baidu inc, kuaishou technology, tencent holdings ltd,
Source: https://www.cnbc.com/2023/03/23/tencents-online-ads-revenue-grows-for-the-first-time-since-2021.html