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Tencent (0700.HK) 2Q17 Results: Strong Beat on Both Top and Bottom Line, Driven by Strong Performance of Gaming and WeChat

Executive Summary

  • Tencent reported 2Q17 revenues of ¥56.6 billion, up 58.6% year over year. Non-GAAP diluted EPS was ¥1.72, largely driven by gaming and Weixin (WeChat).
  • Value-added services (VAS) revenues, which accounted for 65% of total revenue, increased by 43.3% year over year, mainly driven by strong revenue growth in both PC games and smartphone games.
  • Advertising revenues were up 55.4% year over year, due to strong growth from media ads and the strong performance of Weixin (WeChat) Moments and WeChat Official Accounts.
  • Other revenues surged 177.5% year over year, driven by mobile payment and cloud services. The payment business for commercial transactions has increased rapidly, driven by strengthened cooperations with channel partners, especially Meituan-Dianping, to expand the offline merchant base.

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