Tencent Holdings (TCEHY) reported the fastest revenue growth in more than a year where the Chinese technology and entertainment conglomerate saw its revenues rise by 11% year-over-year in Q1 to 150 billion Chinese yuan or $21.4 billion versus analysts’ expectations of $21.3 billion.
Tenecent’s profits in Q1 surged 10% year-over-year to 25.8 billion yuan and marked a strong first quarter after a series of successive negative and flat quarters.
The company stated that it benefitted from a strong domestic consumption recovery in China after the country began to ease its COVID-19 restrictions in December. Tencent added in its press release that its net profit “increased at a faster pace, reflecting a positive revenue mix shift, operational efficiencies, and an easy base period.”
TCEHY stock has gone up by more than 4% year-to-date.
