The company said Weixin “further penetrated into communication scenarios at work,” with 20 million active users registered on its platform for enterprises. The company’s messaging service is expanding into the corporate sector. Monthly active users for WeChat – known as Weixin in Chinese – reached 806 million from 600 million in June last year. Revenue jumped by 52% from 23.43 billion yuan (P163.81 billion) to 35.69 billion yuan (P249.52 billion), the technology company said.īased in the Chinese southern export hub of Shenzhen, Tencent operates China’s biggest messaging service WeChat, through which a variety of businesses including gaming, advertising and social networking have flourished in recent years. Net profit for the three months to June rose to 10.74 billion yuan (P75.08 billion) from 7.31 billion yuan (P51.11 billion) in the same period last year, beating the average analyst estimate of 9.52 billion yuan (P66.56 billion) according to a Bloomberg survey. Investors will still embrace the stock.HONG KONG, China – Chinese Internet giant Tencent said Wednesday, August 17, its profits jumped by 47% in the second quarter, buoyed by new users of its popular messaging service WeChat, gaming and digital content.
“Although the case involves corruption which is a sensitive topic, it seems that the impact will not be as deep as Alibaba at this moment as it is linked to an individual rather than the internet business. “It definitely will trigger some profit taking for the stock given it has surged significantly this year,” said Daniel So, a strategist at CMB International Securities Ltd. Shares of Tencent, Asia’s most valuable company, fell as much as 1.6% before paring losses in Hong Kong trading.
He has been free to leave China and traveled to Singapore last year, the person said, asking not to be identified discussing a private matter. Pony Ma, the company’s chairman and co-founder, isn’t under probe, according to a person with knowledge of the matter. Read more: Tencent Fires Over 100 Staffers in a Year-Long Graft ProbeĬhina is also tightening scrutiny over its most powerful tech corporations including Tencent and arch-rival Alibaba Group Holding Ltd., seeking to rein in their growing power in a plethora of sectors from finance to e-commerce and the sharing economy.
The company’s rare revelation underscores Beijing’s increasingly tough stance on corruption among government cadres and corporate executives.
Tencent said earlier this month it fired more than 100 employees on suspicion of graft over a series of probes over the past year and reported more than 40 workers to police. Investigators are looking into what type of data Zhang may have shared with Sun and what the government official may have done with the information, the WSJ said. Zhang, who had been identified as a vice president in a November 2018 statement by a local municipal government, has never held a senior position and is not a vice president, the Tencent spokesperson said. The Wall Street Journal had reported earlier that Zhang had been detained for allegedly sharing personal data collected by WeChat with Sun Lijun, a former vice public security minister that’s being investigated by Beijing. The probe of Zhang Feng does not involve Tencent’s WeChat messaging service, a spokesperson said. said an employee is under investigation for alleged corruption in his personal dealings, rejecting a report that the probe involved the unauthorized transfer of WeChat data.