Tencent Gears Up to Spend $70 Billion on Tech Over the Next 5 Years
Tencent (OTC: TCEHY), the Chinese technology company behind popular messaging app WeChat, is gearing up to spend $70 billion over the next five yeas on technology infrastructure in an effort to diversify its business.
With internet growth slowing in China and with companies moving more of their data to the cloud, Tencent is looking to expand beyond messaging and internet games. That's not to say both areas haven't seen a boon since the COVID-19 pandemic started. With stay-at-home orders in place earlier in the year in China and other parts of Asia, Tencent's online gaming sales jumped 31% year-over-year in the first quarter, while WeChat monthly active users increased 8.2% to 1.2 billion.
Source Fool.com
