Tencent's revenue beats estimates

Kicks off China’s big tech earnings season

- 

Tencent Holdings Ltd’s revenue has beaten estimates, bolstering investor expectations that its expanding gaming and social media portfolio will provide dry powder for an intensifying global Al race.

Revenue for the three months ended June rose to 184.5 billion yuan ($25.7 billion), versus an average estimate of 179 billion yuan. Net income for the period came to 55.6 billion yuan, compared with projections for 50.8 billion yuan.

China's most valuable company is accelerating spending on Al research and product rollouts after a string of rivals launched open-sourced models to competewith the likes of OpenAland Anthropic. The Shenzhen firm counts on marquee gaming franchises and super-app WeChat to fund such initiatives. Yet a potential global downturn this year — coupled with the Trump administration’s tariffs campaign — threatens to hurt Tencent’s sprawling online businesses from payments to advertising and cloud computing.