Tencent reports58% jump in Q1 profit
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.