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Chinese tech giant Tencent says its artificial intelligence (AI) investments have begun paying off. In releasing its quarterly earnings on Wednesday (May 14), the company's CEO noted that its AI capabilities had “contributed tangibly” to its gaming and advertising businesses.
Pre-market futures are up this morning, riding 5-straight up-days on the tech-heavy Nasdaq. The Dow is so far recovering from its UnitedHealth ( UNH ) sell-off yesterday, up +85 points at this hour.
Tencent stock gained after its Q1 report, with the China tech giant citing growth for gaming sales and AI-driven advertising.
Tencent Holdings (HKG:0700, OTC:TCEHY) shares moved higher as the Chinese technology firm posted a year-over-year increase in both revenue and profit for the first quarter driven by growth in its gaming business. Total revenue was up 13% year-over-year at RMB180 billion (US$25.1 billion), above estimates of RMB174.6 billion.
The Chinese tech giant reported another quarter of solid earnings, with the continued growth of its core gaming business backing an emboldened AI push.
Tencent on Wednesday reported an annual rise in its top and bottom line in the first quarter fuelled by accelerated growth in its key gaming business. Chinese tech company Tencent is a gaming giant and the parent company of WeChat, the ubiquitous social messaging app in China.
Tencent Holdings , China's biggest technology company by market capitalization, posted a 13% rise in first-quarter revenue on Wednesday, driven by growth in its gaming business.
WizardLM, a Beijing-based Microsoft AI research group, appears to have joined Tencent, the Chinese company that owns WeChat and blockbuster games like PUBG Mobile.
Tencent Music Entertainment exceeded analysts' expectations for first-quarter revenue on Tuesday, driven by growth in subscribers for its online music services.
Stocks surged on Monday as the U.S. and China announced a deal to temporarily reduce their high reciprocal tariffs, leading to much optimism that a global economic recession may be avoided.