China Market Update: Trip.com Beats Analyst Expectations [Forbes]
TENCENT HLDGS UNSP/ADR (TCEHY)
NASDAQ:AMEX Investor Relations:
tencent.com/en-us/investor.html
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Source: Forbes
Executive Chairman and Co-founder James Jianzhang Liang stated, “In the third quarter of 2024, the China travel market demonstrated remarkable resilience with strong performance in both domestic and cross-border travel. This surge in demand reflects a recovery in consumer confidence and a growing enthusiasm for travel.” When asked if recent stimulus measures boosted travel spending, CFO Cindy Xiaofan Wang responded, “It may be too early to determine the direct impact of the recent stimulus measures, but a healthy economic environment should benefit all industries, including travel.” Revenue increased by 16% to RMB 14.75 billion ($2.26 billion) versus estimates of RMB 15.6 billion and Q3 2023's RMB 13.7 billion. Adjusted net income was RMB 5.96 billion ($847 million) versus estimates of RMB 4.7 billion and Q3 2023's RMB 4.9 billion. Adjusted EPS was RMB 8.75 ($1.25) versus estimates of RMB 7 and Q3 2023's RMB 7.26. Cash and cash equivalents on the balance sheet were RMB 86.9 bi
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