Tencent earnings miss expectations, warns about difficulties for advertising

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Chinese gaming and social media giant Tencent Holdings Ltd. delivered disappointing earnings and warned that while the coronavirus pandemic has seen users spend more time on its games and videos, it has had a negative impact on advertising and mobile payments.

The Hong Kong-listed company reported a net income of 21.6 billion yuan ($3.1 billion) in the December quarter. Overall costs increased 20 per cent, reflecting its spending to acquire content and snag new users to fend off its rival ByteDance Inc.

Revenue reached 105.8 billion yuan, up 25 per cent . . .

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