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

Chinese gaming giant Tencent books 13% third quarter profit drop, misses estimates
FILE PHOTO: A Tencent sign is seen at the World Internet Conference (WIC) in Wuzhen, Zhejiang province, China, October 20, 2019. REUTERS/Aly Song   -   Copyright  ALY SONG(Reuters)
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BEIJING (Reuters) – Chinese gaming and social media giant Tencent Holdings Ltd <0700.HK> 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.

(Reporting by Pei Li and Brenda Goh; Editing by Christopher Cushing & Kim Coghill)

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