Why Tencent (TCEHY) Stock Is Advancing Today

NEW YORK (TheStreet) -- Shares of Tencent Holdings (TCEHY) are up 1.91% to $17.60 after the Hong Kong-based Internet company reported a 59% jump in second quarter profit as it offered more games and shopping to the billion users of its WeChat and QQ messaging applications, Bloomberg reports.

Net income was up to 5.84 billion yuan ($949 million) in the three months ended June from 3.68 billion yuan a year earlier, the company said. That compares with the 5.37 billion-yuan average of 11 analysts’ estimates compiled by Bloomberg.

Revenue increased 37% to 19.7 billion yuan as WeChat and the Mobile QQ service added a combined 321 million monthly active users. Online game revenue gained 46% from the previous quarter to 11.1 billion yuan. Online advertising sales surged 59% on revenue from video advertising and the impact of the soccer World Cup.

 
  

TCEHY ChartTCEHY data by YCharts

EXCLUSIVE OFFER: See inside Jim Cramer’s multi-million dollar charitable trust portfolio to see the stocks he and Stephanie Link think could be potentially HUGE winners. Click here to see the holdings for FREE.

More from Markets

Wondering What Blockchain Technology Really Is? This Expert Explains It All

Wondering What Blockchain Technology Really Is? This Expert Explains It All

Dow Rises Sharply as U.S.-China Trade Tensions Thaw

Dow Rises Sharply as U.S.-China Trade Tensions Thaw

GE Confirms $11.1 Billion Transportation Merger With Wabtec

GE Confirms $11.1 Billion Transportation Merger With Wabtec

Gold Prices Look 'Rich' at Current Levels - Here's What Could Change That

Gold Prices Look 'Rich' at Current Levels - Here's What Could Change That

To Win at Trade the U.S. Must Act and Behave Like China

To Win at Trade the U.S. Must Act and Behave Like China