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China's Tencent Q3 profit misses as Internet service users decline
November 14, 2012 / 8:48 AM / 5 years ago

China's Tencent Q3 profit misses as Internet service users decline

SHANGHAI, Nov 14 (Reuters) - Tencent Holdings, China’s biggest online gaming and social networking company, posted a 32 percent rise in quarterly profit but fell short of forecasts as registered users for its Internet services declined in the quarter.

Tencent’s third-quarter net profit rose to 3.2 billion yuan ($514 million) from a year earlier, missing an average estimate of 3.5 billion yuan in a Reuters poll of nine analysts. Net profit rose 4 percent from the previous quarter.

Revenue jumped 54 percent to 11.6 billion yuan, matching the average forecast from nine analysts for 11.6 billion yuan.

Tencent’s has seen its new game “League of Legends” gain traction in the market to join stalwarts “Cross Fire” and “Dungeon & Fighter” as China’s most-searched-for games. ($1 = 6.2265 Chinese yuan) (Reporting by Melanie Lee; Editing by Edwina Gibbs)

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