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Chinese internet giant Tencent Holdings reported a 65 per cent year-on-year increase in its first-quarter profit, as it braces for more scrutiny from Chinese regulators who are tightening the screws on the country’s tech sector.
It booked a profit of 47.8 billion yuan ($7.4 billion) in the three-month period ended March, versus 28.9 billion yuan in the same period of 2020 and well above consensus estimate of 34.4 billion yuan. Revenue totaled 135.3 billion yuan, up 25 per cent from a year ago and compared with more . . .
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