Tencent Delivers Accelerating Results Amid Coronavirus Scare
Chinese internet giant Tencent Holdings (OTC: TCEHY) reported its fourth-quarter and full-year results for 2019 yesterday. The reporting period ended in December, so results didn't incorporate any headwinds -- or potential tailwinds -- from the COVID-19 outbreak for the online games, social media, fintech, and cloud giant.
Even without the coronavirus, Tencent was coming off of a challenging year. 2019 included a slow return to online games growth after a 2018 ban on new game approvals was lifted, an advertising recession due to the prolonged U.S.-China trade war, competition from short-video platform Bytedance, and an NBA controversy that led to the suspension of certain NBA broadcasts in China, to which Tencent had the exclusive streaming rights.
Yet even with all of these headwinds, Tencent delivered accelerating results in the fourth quarter -- a testament to its deep economic moat and top management.
Source Fool.com
