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Tech & Science Tech giant Tencent sees profit jump, may benefit from virus

13:52  20 march  2020
13:52  20 march  2020 Source:   msn.com

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Tencent , which developed the popular WeChat social media and messaging platform, says it may benefit from the pandemic as people turn to cloud-based Chinese internet giant Tencent recorded a jump in profit last year and said it could be a rare beneficiary of the global coronavirus pandemic as

Cross-currency basis swaps for euro-dollar, a proxy for how expensive it is to acquire the greenback, retreated further from levels last seen in 2011, touched Tuesday. Yahoo Finance Video. Tech giant Tencent sees profit jump , may benefit from virus .

Tencent. © Getty Tencent. Chinese internet giant Tencent recorded a jump in profit last year and said it could be a rare beneficiary of the global coronavirus pandemic as people stay home and businesses ramp up remote working.

The Shenzhen-based behemoth, one of the largest stocks on the Hong Kong bourse, said Wednesday net profit last year rose 19 percent to 93.3 billion yuan ($13.3 billion).

Total revenues in 2019 were up 21 percent at 377.3 billion yuan ($53.7 billion), primarily driven by its international gaming and lucrative cloud services, the latter bringing in 17 billion yuan in revenues and consistently outgrowing the market.

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"We saw some tightening in U.S. (dollar) liquidity and also in the onshore renminbi market, but the squeeze may not be quite as volatile as other major currency markets," said Ken Cheung, chief Asian FX strategist at Mizuho Bank in Tech giant Tencent sees profit jump , may benefit from virus .

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The company said the global economic chaos caused by the spread of the deadly coronavirus, which began in China late last year, would be a short term challenge.

Initially its fast growing cloud computing services might take a hit, it said.

a close up of a screen: Tencent, which developed the popular WeChat social media and messaging platform, says it may benefit from the pandemic as people turn to cloud-based computing and work from home © Martin BUREAU Tencent, which developed the popular WeChat social media and messaging platform, says it may benefit from the pandemic as people turn to cloud-based computing and work from home But the company remained more bullish in the long term, cushioned by the expectation that many more people will turn to remote working and online health care services that often require significant cloud computing power.

"We believe enterprises will be increasingly keen to adopt cloud-based solutions over the longer term, in order to facilitate remote working and remote interactions with their customers," chairman Ma Huateng said in the annual results statement.

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Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Thank you for reading. Tom Brady announces his departure from New England on Instagram. Yahoo Finance Video. Tech giant Tencent sees profit jump , may benefit from virus .

Tencent , China's biggest online entertainment and social network company, reports a 47% jump in Gaming giant . In June, it was announced that Tencent Holdings and its partners are to buy a Like so many other Chinese tech companies, Tencent was initially labelled as being a copycat, filling the gap

Figures in the annual report revealed how vital remote working apps have become during the pandemic.

With vast chunks of China locked down in January and February, users of Tencent's "meeting" program surpassed 10 million within two months.

Tencent. © Getty Tencent. Many more users of its WeChat platform turned to "Tencent health" for real-time pandemic data, online consultation and self-diagnosis services.

Ma added that the virus outbreak had boosted the need for home learning programs.

More than 120 million users had used the company QQ School-plus-Home groups with features including live broadcast, online tutoring programs as well as tools for schools to facilitate online and offline education.

The company also picked up millions of new gamers during the coronavirus pandemic in China.

"Looking forward, we will seek to both meet the immediate needs for our products brought about by the pandemic, and develop our capabilities to anticipate and serve enterprises' long term demands as the economy digitises," Ma said.

Shares in the Hong Kong-listed company fell 4.5 percent Wednesday shortly before the results were announced, tracking the continued losses the city's bourse has faced amid a global sell off.

But mainland-based traders have remained bullish on Tencent, boosting their holdings by 24 percent since the start of the year, according to Bloomberg News.

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