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Tencent first-quarter profit surged 65% on year boosted by online gaming revenue

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 . . .

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