China's Tencent Holdings posted a 7% rise in fourth-quarter revenue on Wednesday, trailing analysts' expectations, as China's economic slowdown takes a toll.
China's central bank has approved Tencent Holdings' online payment platform Tenpay boosting its registered capital to 15.3 billion yuan ($2.13 billion), according to a central bank statement on Friday.
China's Tencent has taken over two ByteDance video games units after ByteDance retreated from the gaming business last year, according to a person familiar with the matter.
Tencent faces difficulties from the slowdown in the Chinese economy, but expects promising full-year fiscal 2023 results. The company is focusing on "Immersive Convergence" and the advancement of critical technologies to deepen the synthesis of the digital economy with the real world. Q4 earnings are expected to show growth driven by gaming, advertising sales, and fintech services.
Last month, the writers at InvestorPlace.com and I recommended four stocks to buy for the coming “AI Wars.” Governments worldwide know that artificial intelligence has incredible potential, and everyone is racing to come out ahead.
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