Tencent on Wednesday reported quarterly profit well above analysts’ expectations, amid strength in its gaming business. Revenue grew by 8%, but nevertheless came just under an analyst forecast. The company also noted it was starting to see benefits from artificial intelligence.

Sometimes described as the world's largest games company in revenue terms, China's Tencent increased its net profits by 47% in the three months from July to September. Gains were driven by both its domestic and international games businesses. In addition ...

Total revenues for Tencent — a video game company and operator of WeChat messaging service — amounted to RMB167.2B ($23.9B), largely in line with estimates. On an IFRS basis, profit attributable to equity holders of the company surged 47% year-over year to RMB53.2B ($7.6B), exceeding expectations of RMB45.3B, according to estimates by Bloomberg.

Tencent’s core gaming business delivered strong results as the Chinese technology giant contended with a cooling economy.

Tencent posted a stronger-than-expected 47% profit surge in the third quarter, driven by gains in gaming, advertising, and cloud services, as announced on Wednesday. The Chinese social media and gaming giant reported profit attributable to shareholders rose to 53.

Tencent Holdings, operator of China’s biggest social media app and the world’s largest video gaming business by revenue, beat analyst estimates with a 47 per cent profit jump in the third quarter, helped by renewed growth in the video gaming segment.