Why Tencent Holdings Stock Triumphed Today
On a generally gloomy Thursday for the stock market, Tencent Holdings (OTC: TCEHY) was something of a standout. On the Chinese company's latest news, investors piled into its shares, leaving them with a more than 3% increase at market close. This compared very favorably to the S 500 index's 0.6% dip on the day.
Tencent reported its third-quarter results after market hours on Wednesday, revealing that it managed to grow revenue by 8% year over year in the period to over 167 billion yuan ($23.1 billion). International Financial Reporting Standards (IFRS) net income saw a more impressive leap, rising by 47% to 53.2 billion yuan ($7.4 billion).
The social media and gaming specialist essentially met the consensus analyst estimate for revenue. It beat on the bottom line, as those prognosticators following the stock were collectively modeling 52.9 billion yuan ($7.3 billion) for that line item.
Source Fool.com
Tencent Holdings Ltd. Aktie
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