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China tech

Tencent posts strong quarterly result on China's COVID reopening

Q1 revenue up 11% as most of the tech company's key sectors grow

China's Tencent Holdings reported better-than-expected revenues for the first quarter of 2023.   © AP

HONG KONG -- Tencent Holdings' first quarter revenue outperformed expectations, growing 11% on the year to 150 billion yuan ($21.5 billion) as the Chinese tech giant saw robust growth in most of its key sectors.

The figure was comfortably above the average forecast of 146.1 billion yuan from Refinitiv and reflects the benefit of China's post-COVID reopening, a low comparison base and the company's continuing efforts to reduce costs.

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