Why Tencent Holdings Stock Triumphed Today [Yahoo! Finance]
TENCENT HLDGS UNSP/ADR (TCEHY)
NASDAQ:AMEX Investor Relations:
tencent.com/en-us/investor.html
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Source: Yahoo! Finance
On the Chinese company's latest news, investors piled into its shares, leaving them with a more than 3% increase at market close. This compared very favorably to the S&P 500 index's 0.6% dip on the day. Tencent reported its third-quarter results after market hours on Wednesday, revealing that it managed to grow revenue by 8% year over year in the period to over 167 billion yuan ($23.1 billion). International Financial Reporting Standards ( IFRS) net income saw a more impressive leap, rising by 47% to 53.2 billion yuan ($7.4 billion). Start Your Mornings Smarter! Wake up with Breakfast news in your inbox every market day. Sign Up For Free » The social media and gaming specialist essentially met the consensus analyst estimate for revenue. It beat on the bottom line, as those prognosticators following the stock were collectively modeling 52.9 billion yuan ($7.3 billion) for that line item. Tencent's revenue growth was aided by a 14% rise in the take for its domestic gaming busine
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