Tencent Resumes Slim Growth As China’s Internet Sector Stirs
source link: https://finance.yahoo.com/news/tencent-resumes-growth-china-internet-085939316.html
Go to the source link to view the article. You can view the picture content, updated content and better typesetting reading experience. If the link is broken, please click the button below to view the snapshot at that time.
Tencent Resumes Slim Growth As China’s Internet Sector Stirs
(Bloomberg) -- Tencent Holdings Ltd. jumped its most in three weeks after the Chinese social media leader reported a resumption in revenue growth, fueling hopes of a Chinese economic recovery and looser regulatory environment in 2023.
Most Read from Bloomberg
The company reported a 15% jump in online advertising revenue in the final three months of 2022 as its TikTok-style video feature drew marketers. Executives credited an improving economy for spurring spending, while affirming hopes Beijing will ease up on regulations after a crackdown since 2021 that obliterated growth across sectors from gaming to content.
Tencent’s shares climbed more than 6% in Hong Kong on Thursday, after its biggest shareholders Prosus NV and Naspers Ltd. rose about 3% in Europe.
Revenue climbed to 144.95 billion yuan ($21 billion) for the December quarter, matching analyst expectations. While Tencent managed to snap its contraction streak, the growth rate is still a far cry from just a few years ago. The WeChat operator and global gaming publisher routinely racked up double-digit gains until regulators clamped down on undesirable online content and froze gaming approvals to fight addiction.
But Tencent President Martin Lau, second-in-command to billionaire founder Pony Ma, played up the company’s prospects in international gaming and AI this year — a nod to the frenzy that’s swept the global tech sector since the November rollout of OpenAI’s ChatGPT. Calling it a “growth multiplier,” Lau said Tencent will gradually integrate artificial intelligence capabilities across its suite of products from WeChat to online media.
Tencent Rises After Sales Beat on Strength in Ads: Street Wrap
The Wall Street JournalTencent Returns to Revenue Growth With Digital-Ad Recovery
The Chinese social-media and videogame company has reduced costs and head count to improve profitability.
1h ago
BloombergChina Evergrande Will Swap Defaulted Debt in Court Restructuring
(Bloomberg) -- China Evergrande Group, once among China’s biggest developers and now a poster child for its property crisis, laid out details of a multi-billion dollar restructuring plan that calls for its offshore creditors to swap their debt for new securities. Most Read from BloombergFinally, a Serious Offer to Take Putin Off Russia’s HandsBomb Threat Called In to New York Court Where Trump Hearing HeldAckman Warns of Accelerated Deposit Outflows After Fed DecisionA New Chapter of Capitalism
1h ago
BloombergOil Drops After Three-Day Rise as Investors Assess Fed’s Message
(Bloomberg) -- Oil fell as investors weighed the Federal Reserve policy outlook after another hike and digested a mixed snapshot of US supply and demand.Most Read from BloombergFinally, a Serious Offer to Take Putin Off Russia’s HandsBomb Threat Called In to New York Court Where Trump Hearing HeldAckman Warns of Accelerated Deposit Outflows After Fed DecisionA New Chapter of Capitalism Emerges From the Banking CrisisStocks Roiled by Fed Day’s Nerve-Wracking Rhetoric: Markets WrapWest Texas Inter
48m ago
BloombergCoinbase Gets SEC Notice Signaling Intent to Sue Over Crypto Offerings
(Bloomberg) -- Coinbase Global Inc. said it received a notice from the SEC formally declaring the securities regulator’s plans to bring an enforcement action against the largest US crypto exchange, the latest development in a long-running dispute between the watchdog and the digital-asset company. Most Read from BloombergFinally, a Serious Offer to Take Putin Off Russia’s HandsBomb Threat Called In to New York Court Where Trump Hearing HeldAckman Warns of Accelerated Deposit Outflows After Fed D
8h ago
AP FinanceCalifornia lawmakers to vote on possible gas price penalties
California lawmakers on Thursday will vote on whether to allow penalties on oil companies for price gouging at the pump, a first-in-the-country proposal aimed at stopping the kind of spikes last summer that caused some drivers pay up to $8 per gallon as the industry reaped super-sized profits. Gov. Gavin Newsom, a Democrat seen as a possible presidential candidate beyond 2024, has used all of his political muscle to get the bill this far by making in-person pleas with state lawmakers in private ahead of Thursday's first vote in the state Senate. The oil industry has pushed back, paying for a wave of digital ads that have labeled any potential penalty as a tax — an idea more likely to be scorned by voters.
55m ago
BloombergBrazil Central Bank Bucks Lula’s Pressure With Hawkish Rate Hold
(Bloomberg) -- Brazil’s central bank kept its key interest rate unchanged, defying intense pressure from President Luiz Inacio Lula da Silva and his team for looser monetary policy. Most Read from BloombergFinally, a Serious Offer to Take Putin Off Russia’s HandsBomb Threat Called In to New York Court Where Trump Hearing HeldAckman Warns of Accelerated Deposit Outflows After Fed DecisionA New Chapter of Capitalism Emerges From the Banking CrisisStocks Roiled by Fed Day’s Nerve-Wracking Rhetoric:
7h ago
BenzingaNvidia Reaches Workaround For Export Of Flagship Product To China, Wins Alibaba And Peer Cloud Units As Clients
NVIDIA Corp (NASDAQ: NVDA) said it had altered its flagship product into a legal version to export to China. On Tuesday, Nvidia said it has similarly developed a China-export version of its H100 chip, Reuters reports. The H800 mainly reduced the chip-to-chip data transfer rate to about half the speed of the flagship H100. The cloud computing units of Chinese technology firms like Alibaba Group Holding Ltd (NYSE: BABA), Baidu Inc (NASDAQ: BIDU), and Tencent Holdings Ltd (OTC: TCEHY) used the new
16h ago
The Wall Street JournalEli Lilly Is Priced for Perfection in the Obesity Market
The company has outperformed its pharma peers in recent years, but its valuation leaves little room for error.
17h ago
BenzingaBaozun Registers 20% Topline Decline In Q4 Weighed Down By GMV Weakness; Updates On Newer Business Lines
Baozun Inc (NASDAQ: BZUN) reported a fourth-quarter FY22 revenue decline of 19.5% year-on-year to $370.2 million, missing the consensus of $387.7 million. Drivers: Gross Merchandise Volume (GMV) declined 1.7% Y/Y to RMB25.6 billion. Distribution GMV decreased 37.2% Y/Y to RMB867.8 million. Non-distribution GMV was flat Y/Y at RMB24.7 billion. Segments: Product sales revenue declined 37.2% Y/Y to $112 million. Services revenue decreased 8.3% Y/Y to $258.2 million. The non-GAAP operating margin im
16h ago
BloombergFTC Seeks Comment on Cloud Industry in Sign of Greater Scrutiny
(Bloomberg) -- The US Federal Trade Commission is asking for comment on the business practices of cloud-computing providers as regulators begin to scrutinize market power, competition and security in the key technology field.Most Read from BloombergFinally, a Serious Offer to Take Putin Off Russia’s HandsBomb Threat Called In to New York Court Where Trump Hearing HeldAckman Warns of Accelerated Deposit Outflows After Fed DecisionA New Chapter of Capitalism Emerges From the Banking CrisisStocks R
14h ago
BloombergGLP-Backed Fund to Raise $100 Million for Asian Fintech Deals
(Bloomberg) -- A Singapore-based fintech investment firm is close to raising $100 million to back finance and blockchain startups in China and Southeast Asia.Most Read from BloombergFinally, a Serious Offer to Take Putin Off Russia’s HandsBomb Threat Called In to New York Court Where Trump Hearing HeldAckman Warns of Accelerated Deposit Outflows After Fed DecisionA New Chapter of Capitalism Emerges From the Banking CrisisStocks Roiled by Fed Day’s Nerve-Wracking Rhetoric: Markets WrapBitRock Cap
21h ago
BloombergAsia Shrugs Off Wall Street Rout; Dollar Declines: Markets Wrap
(Bloomberg) -- Asian stocks projected relative calm Thursday after Treasury Secretary Janet Yellen rattled US bank shares and the Federal Reserve pushed back against bets for interest rate cuts this year. Most Read from BloombergFinally, a Serious Offer to Take Putin Off Russia’s HandsBomb Threat Called In to New York Court Where Trump Hearing HeldAckman Warns of Accelerated Deposit Outflows After Fed DecisionA New Chapter of Capitalism Emerges From the Banking CrisisStocks Roiled by Fed Day’s N
59m ago
ReutersCredit Suisse hires Southeast Asia wealth vice chairman
Credit Suisse said on Thursday it has hired private banker Kwong Kin Mun as its new vice chairman for Southeast Asia wealth management. The embattled bank is being bought by rival UBS Group for 3 billion Swiss francs ($3.27 billion) in a deal engineered by Swiss authorities to avoid more market-shaking turmoil in global banking.
4h ago
ZacksHere's What is Driving Amgen (AMGN) Stock's Outperformance
Amgen's (AMGN) key drugs like Prolia, Repatha and Otezla are driving sales. It is also rapidly advancing its robust pipeline.
21h ago
ZacksGOOGL Takes on ChatGPT Buzz: How Are AMZN, BIDU & META Placed?
The chatbot and generative AI battle has ramped up with Alphabet (GOOGL) Google's launch of Bard. Amazon, Baidu and Meta are also set to take on the ChatGPT buzz.
18h ago
The Wall Street JournalChatGPT Can Save You Hours at Work. Why Are Some Companies Banning It?
Office drama is brewing around when employees—and their bosses—are allowed to use ChatGPT at work. The generative artificial intelligence technology from OpenAI—a startup backed by billions of dollars from Microsoft Corp.—was released at the end of November and instantly embraced by many workers to create professional-sounding emails and PowerPoint presentations, as well as strings of code that automate tasks. When it is appropriate (and when it isn’t) to use AI to communicate, evaluate human performance and create productivity hacks to get a job done faster is now debated inside organizations, big and small, across sectors.
12h ago
BloombergChina’s Reopening to Roil Energy Prices If Beijing Over-Delivers
(Bloomberg) -- China’s reopening after three years of Covid Zero is the main source of optimism for commodities markets wracked by a string of bank failures and slowing global growth.Most Read from BloombergFinally, a Serious Offer to Take Putin Off Russia’s HandsBomb Threat Called In to New York Court Where Trump Hearing HeldAckman Warns of Accelerated Deposit Outflows After Fed DecisionA New Chapter of Capitalism Emerges From the Banking CrisisStocks Roiled by Fed Day’s Nerve-Wracking Rhetoric
6h ago
FortuneBitcoin teeters near $27,000 as Fed raises interest rates and Powell says cuts unlikely in 2023
The cryptocurrency jumped above $28,000 earlier this week.
10h ago
BloombergTikTok’s CEO Will Tell Congress His App Is Safer Than Most
(Bloomberg) -- TikTok Chief Executive Officer Shou Chew plans to tell Congress his app does more to protect young users than rival social media and that Beijing has no authority over its data, invoking familiar arguments to head off a US ban or forced sale.Most Read from BloombergFinally, a Serious Offer to Take Putin Off Russia’s HandsBomb Threat Called In to New York Court Where Trump Hearing HeldAckman Warns of Accelerated Deposit Outflows After Fed DecisionA New Chapter of Capitalism Emerges
1d ago
BankrateBiggest winners and losers from the Fed’s interest rate hike
As the Fed raises interest rates, here are the biggest winners and losers from its latest decision.
12h ago
Recommend
About Joyk
Aggregate valuable and interesting links.
Joyk means Joy of geeK