Ten­cent re­ports58% jump in Q1 profit

China Daily European Weekly - - BUSINESS - Tele­com­giant Huawei to help dig­i­tize Spain

Ten­cen­tHold­ings Ltd, China’s top gam­ing and so­cial me­dia firm, re­ported a 58 per­cent rise in quar­terly profit onMay 17, aided by growth in on­line games, pay­ment-re­lated ser­vices and ad­ver­tis­ing. Net profit at­trib­ut­able to the com­pany for the three months end­edMarch 31 was 14.48 bil­lion yuan ($2.1 bil­lion; 1.88 bil­lion eu­ros; £1.61 bil­lion), up from 9.2 bil­lion yuan a year ear­lier, the com­pany said. That com­pared with 13.2 bil­lion yuan es­ti­mated by eight an­a­lysts, ac­cord­ing to a Thom­son Reuters poll. Ten­cent, whose shares have risen by over 35 per­cent to a record high this year, re­ported a 55 per­cent rise in quar­terly rev­enue to 49.55 bil­lion yuan, com­pared with 32 bil­lion yuan a year ear­lier. Chi­nese tele­com gi­antHuawei said onMay 16 that it is com­mit­ted to as­sist­ing in the dig­i­tal trans­for­ma­tion of trans­porta­tion and smart cities in Spain. Huawei Spain con­firmed in a news re­lease thatHuawei Vice-Pres­i­dent and ro­tat­ing CEO Guo Ping pre­sented Span­ishMin­is­ter for Pub­lic Works and Trans­port Inigo de la Serna with the projects it has to help the growth of Spain’s dig­i­tal econ­omy. Among the projects were plans for the dig­i­tal trans­for­ma­tion of Spain’s rail­ways, ports and air­ports. “Spain is a key part of our com­mit­ment to the Euro­pean mar­ket. We have over 1,200 em­ploy­ees in the coun­try and we aim to in­crease our work­force by 50 per­cent by 2021,” says Guo. “We are work­ing with all of Spain’s telecom­mu­ni­ca­tions oper­a­tors, and we have more than 200 part­ners in the Span­ish mar­ket to help us of­fer ser­vices to 30 mil­lion users and thou­sands of com­pa­nies,” he adds.

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