Tencent misses revenue estimate as foe ByteDance saps online ads

Net profit up 35% as online games rebound, but battle for eyeballs intensifies

A booth for Tencent's King of Glory game at the China Digital Entertainment Expo & Conference, also known as ChinaJoy, in Shanghai. © VCG/Getty Images

COCO LIU and YUSUKE HINATA, Nikkei staff writers

August 15, 2019 00:29 JST

Updated on August 15, 2019 06:11 JST

HONG KONG/GUANGZHOU -- China's leading social media and gaming company, Tencent Holdings, reported worse-than-expected revenue growth for the April-June quarter partly on the rise of ByteDance, the world's most valuable startup, whose viral short-video app TikTok gobbled up a sizable chunk of online advertising.