UBS announced a net profit of $1.4 billion for the second quarter of 2019.Earningsread more
Japan and South Korea are part of a complex and tightly linked supply chain that produces electronic goods such as smartphones and laptops.Technologyread more
Michael Kugelman from the U.S.-based Wilson Center says other issues take precedence in the bilateral dialogue between the United States and Pakistan — namely, Afghanistan and...Asia Politicsread more
Beijing says it can still meet its 2019 growth target of between 6% and 6.5% and continues to roll out stimulus measures to prop up activity. China set a 2019 industrial...China Economyread more
A different oil pricing dynamic has been evolving with new supply calculations based on the U.S. as the world's largest producer.Market Insiderread more
The Massachusetts senator's alarm-sounding on consumer debt neglects to measure it against the growth in the economy and the ability to pay.Economyread more
Stocks in Asia Pacific edged up on Tuesday, as investors await closely-watched central bank meetings in the coming days.Asia Marketsread more
More than half of Venezuela's 23 states lost power on Monday, according to Reuters witnesses and reports on social media, a blackout the government blamed on an...World Politicsread more
Equifax will give consumers a range of options for monitoring their credit or making claims of fraud or data misuse, part of a $425 million restitution fund.Technologyread more
The deal between the White House and Democrats was earlier expected to raise the debt ceiling for two years and permanently end the sequester.Politicsread more
Britain's Antstream is jumping into the cloud gaming battle with a streaming platform for retro titles. And Tencent just backed the company.Technologyread more
Tencent's dominance of smartphones in China, especially in mobile gaming, helped the social network and online entertainment behemoth rack up a 47 percent jump in second-quarter profit, comfortably beating analysts' estimates.
Net income for the quarter ended June rose to 10.9 billion yuan ($1.64 billion), outpacing estimates of 9.8 billion yuan, according to a Thomson Reuters poll of nine analysts.
That was driven by a 52 percent leap in revenue, the fastest pace since the fourth quarter of 2012, to 35.7 billion yuan ($5.38 billion), trumping an average forecast of 33.2 billion yuan, based on a Thomson Reuters poll of 11 analysts.
For Tencent, the biggest driver of its revenue growth in the quarter came from smartphone gaming. The company has for many years been strong in gaming, its main cash cow. Marrying that with its position as the dominant social network operator in China — via mobile messaging app WeChat and QQ — for both computers and mobile is paying off.
However, the company's efforts to grow are also taking a toll, as the cost of revenues rose 69 percent to 15.24 billion yuan. Tencent did not break these costs down in its results announcement.
The costs contributed to a dip in operating margins from 44 percent to 41 percent.
A marquee purchase for the Chinese tech stalwart was its $8.6 billion acquisition in June of Supercell, the maker of mobile gaming megahit 'Clash of Clans'.
The purchase will expand Tencent's interests overseas, as the Chinese video game and social network group still relies mainly on its home market even though it has stakes in various foreign studios like Epic Games and Riot Games.
The firm also bolstered in July its position in online entertainment, taking a majority stake in a new venture with leading music-streaming company China Music Corp., which combines the two firms' digital music businesses.
In the second quarter, Tencent's online advertising business, which investors hope can grow to become as important a source of revenues as Facebook's, grew 60 percent from the previous year to 6.53 billion yuan.
Overall online games revenues rose 32 percent year-on-year to 17.12 billion yuan, and social network revenues climbed 57 percent to 8.56 billion yuan.
The number of monthly active users of WeChat, China's biggest mobile messaging app, rose 34 percent to 806 million, Tencent said.