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The authoritarian states trying to own the future

China and Saudi Arabia are investing billions in hi-tech industry
China and Saudi Arabia are investing billions in hi-tech industry.  The BBC's media editor Amol Rajan explains.
(Picture: A woman uses her mobile phone in front of a display board for the Chinese smartphone maker Huawei.
Credit: AFP/Getty)

Tencent shares drop on profit fall

Monster Hunter: World

Shares in Chinese technology giant Tencent fell 3% on Thursday after it reported a surprise decline in profits due to slower growth in mobile gaming and a drop in PC games.

The firm has been facing a tough time of late after the government put a stop to the sale of its latest game, Monster Hunter: World (pictured).

On Wednesday, it said second quarter net profit fell 2% to 17.87bn yuan (£2bn).

Tencent second profits drops

Tencent's role-playing mobile game Honor of Kings
Getty Images
Tencent's role-playing mobile game Honor of Kings

Tencent, the Chinese technology giant, has reported a 2% fall in second quarter net profit to 17.87bn yuan (£2bn) because of slower growth in mobile gaming and a drop in PC games.

Revenues rose 30% to 73.68bn yuan, below analysts' average estimates of 77.5bn yuan.

Asian gaming stocks fall sharply

Monster Hunter World
Monster Hunter World

Shares in Asia gaming companies fell on Wednesday, weighing on the broader stock market.

Shares in Tencent, China's technology giant, tumbled more than 3% in Hong Kong following falls on Tuesday after China blocked the sale of its popular game Monster Hunter World.

Shares in Japan's Capcom, which originally developed the game, fell 2.7 % while Nexon stocks plunged 5.9%.

In China, Hong Kong's Hang Seng index was 1.7% lower at 27,291.08 and the Shanghai Composite was down 2% at 2,723.64.

Japan's benchmark Nikkei 225 fell 0.7%.

China's Tencent sees stocks up on soaring profits

Tencent logos including WeChat icloud services
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China's giant tech firm Tencent Holdings saw its Hong Kong-listed shares up by more than 5% on Thursday after posting record quarterly profits for the three months to March.

The firm, which owns the popular messaging app WeChat, posted a 61% year-on-year jump in profit, to 23.29bn yuan ($3.7bn; £2.73bn).

WeChat, which is a bit like WhatsApp, is now China's biggest social network.

In addition to being a messaging service, and a window to online games, WeChat now allows users to book a taxi, order food, or pay for goods online.

Together with its Chinese-only version Weixin, WeChat hit one billion monthly users for the first time earlier this year, which helped advertising revenue grow 55% to 10.69 billion yuan in the first quarter.