Tencent’s mixed bag for Q1: record profit despite weakest revenue growth yet

Tencent, Asia’s largest tech firm, had a horrific 2018 on account of a country-wide freeze on new game monetization in China, but there’s evidence it has turned the corner.

The company’s new mobile gaming hit Game for Peace has yet to kickstart the company’s recovery from a few weakening quarters, but its booming financial technology division has helped to neutralize the brunt to some degree.

The Chinese social media and gaming titan ended the first quarter of 2019 with its slowest revenue growth since going public to $12.69 billion, a 16 percent increase year-over-year. On the other side, net profit came in at a record $4 billion, beating analyst estimates in the process.

Though most famous for WeChat, video games have fuelled Tencent’s earnings and stock prices for…

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