Chinese tech giant Tencent’s revenues accelerated in the first quarter as the world’s second-largest economy lurched back to life after the ending of the country’s zero-Covid policy.
The social media and gaming group on Wednesday reported an 11 per cent rise in revenue to Rmb150bn ($21bn) in the three months to March, compared with a year ago. Its net profit rose 10 per cent to Rmb25.8bn.
The turnround comes after Tencent’s revenue fell 1 per cent last year, the company’s first annual sales decline on record, hit by Beijing’s tough zero-Covid policies that crimped advertising and spending on the group’s ubiquitous WeChat app.
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