China’s dominant social media and gaming corporation, Tencent Holdings, announced Wednesday that its first-quarter earnings climbed 9% as the company capitalized on strong gaming performance and growing artificial intelligence business segments.
The technology giant, headquartered in Shenzhen, recorded earnings of 196.5 billion yuan (equivalent to $28.94 billion) during the January through March period, falling short of the 198.96 billion yuan projection from financial analysts surveyed by LSEG.
The company’s net earnings reached 58.1 billion yuan, which also came in below analyst predictions of 61.42 billion yuan.
