Tencent Joins Alibaba in Spending Spree as Competition Heats Up
Bloomberg 1 hr ago Zheping Huang
(Bloomberg) Tencent Holdings Ltd. pledged to sharply increase investments this year after posting a 25% gain in quarterly revenue, aiming to fend off ByteDance Ltd. and sustain its pandemic-era boom in gaming and cloud.
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China’s three largest tech corporations are vying to entice users in the fast-growing arenas of online grocery and video. Tencent said Thursday it plans to invest a larger portion of its incremental profits this year in areas including cloud services, games and shortform video content, joining Alibaba Group Holding Ltd. and Meituan in pledging to boost spending. Tencent is trying to sustain growth in revenue, which climbed to 135.3 billion yuan ($21 billion) in the three months ended March, roughly in line with analyst estimates.
Tencent Pledges to Boost Investment After 25% Sales Growth msn.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from msn.com Daily Mail and Mail on Sunday newspapers.
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(Bloomberg) Tencent Holdings Ltd. is setting out to prove itâs best placed to weather a storm of antitrust scrutiny thatâs wiped about $200 billion off the value of Chinaâs largest company in a span of months.
(Bloomberg) Tencent Holdings Ltd. is setting out to prove itâs best placed to weather a storm of antitrust scrutiny thatâs wiped about $200 billion off the value of Chinaâs largest company in a span of months.
Its results on Thursday should affirm the resilience of the worldâs largest game-publishing business as the pandemic recedes, now buttressed by growth in newer arenas such as fintech and the cloud. Yet itâs struggled to claw back the market capitalization itâs shed since its January peak, right around the time Beijing began a clampdown on Jack Maâs Alibaba Group Holding Ltd. and Ant Group Co. before moving on to rising star Meituan.
Zheping Huang and Coco Liu, Bloomberg News Ma Huateng. Photographer: Paul Yeung/Bloomberg , Bloomberg
(Bloomberg) Tencent Holdings Ltd. founder Pony Ma pledged $7.7 billion toward curing societal ills and lifting Chinaâs countryside out of poverty, echoing Xi Jinpingâs priorities at a time Beijing is tightening its grip on internet giants.
The billionaire chief executive officer on Monday pledged to set aside 50 billion yuan for a âsustainable social valuesâ program, in what would be one of Chinaâs largest corporate charity initiatives. Tencent promised to tackle a plethora of issues from renewable energy and scientific education to health care and rural revitalization a centerpiece of Xiâs over-arching policy framework. The gaming and social media giant intends to fold its existing foundation and philanthropic activity into a new unit to oversee the initiative, which also encompasses carbon neu
Tencent Loses $62 Billion, Wiping Out Value of Fintech Business yahoo.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from yahoo.com Daily Mail and Mail on Sunday newspapers.