Hong Kong
Chinese internet giant Tencent reported Wednesday a sharp rise in first-quarter net profit after a surge in demand for its online games as the coronavirus pandemic forces people to stay home. The Shenzhen-based company, one of the largest listed on the Hong Kong stock exchange, said net profit rose 29 percent from a year earlier to 28 billion yuan ($3.95 billion). “During this difficult period, we seek to provide online services that keep people connected, informed, productive, and entertained,” chief executive Ma Huateng said in a statement. “So far, our businesses have proved resilient and cashflow-generative.” While many companies are being hammered by the economic fallout of the pandemic, tech firms have seen strong demand for their products.—AFP
