China’s Tencent profit surges 89% as rides gaming boom

Chinese gaming and social media giant Tencent Holdings Ltd reported an 89% rise in quarterly profit on Thursday, with its blockbuster game Honour of Kings and solid advertising businesses helping it to beat forecasts and lifting its shares.

The world’s largest gaming firm by revenue has benefited from healthy growth of paying users for video games in China and international markets.

Its flagship game Honor of Kings reported a record 100 million daily active users in the first 10 months of 2020.

Tencent made 38.5 billion yuan ($5.8 billion) profit for the three months through September. That was ahead of an analyst average estimate of 30.81 billion yuan, according to data from Refinitiv. Revenue rose 29% to 125.4 billion yuan.