Around the Net
Earnings of Alibaba Competitor Down
- TechCrunch, Thursday, November 13, 2014 10 AM
Chinese Internet juggernaut Tencent issued a disappointing third-quarter earnings report today, missing profit estimates. This was due in large part to slowing revenue from mobile gaming, which generates more than half of its sales. The company also disclosed that it had spent less money advertising its messaging app WeChat in the West because of sluggish adoption in those markets. Tencent’s third-quarter net income increased 46 percent year-on-year to 5.66 billion RMB ($924 million), behind the 6.1 billion yuan analysts surveyed by Bloomberg had predicted.
