November 13, 2019 / 9:55 AM / 25 days ago

Chinese gaming giant Tencent books 13% Q3 profit drop, misses estimates

BEIJING, Nov 13 (Reuters) - Chinese gaming and social media giant Tencent Holdings Ltd said on Wednesday net profit in its third quarter dropped 13%, missing analysts’ estimates, hit by falling media advertising and PC games revenue.

The world’s largest gaming firm by revenue booked a 20.38 billion yuan ($2.91 billion) profit for the three months through September. That compared with the 23.45 billion yuan average of 15 analyst estimates compiled by Refinitiv.

Revenue rose 21% to 97.2 billion yuan, versus the 98.2 billion yuan average estimate of 17 analysts. ($1 = 6.9941 Chinese yuan renminbi) (Reporting by Pei Li and Brenda Goh; Editing by Christopher Cushing & Kim Coghill)

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