Tencent Profit Also Misses as Higher AI Investment Weighs on Results

businesscompany-earningsaiai-sector-impact 3 posts · 2 accounts

Tencent's first-quarter profit also missed estimates, adding to a previously reported revenue shortfall as higher spending on artificial intelligence weighed on results.

Revenue rose 9% from a year earlier to about $28.9 billion, but was below expectations of roughly $29.4 billion. The weaker-than-expected quarter came as Tencent continued a costly AI pivot.

From the sources (3 posts)

@techmeme

Tencent reports Q1 revenue up 9% YoY to ~$28.9B, below ~$29.4B est., and net income of ~$8.5B, meeting est., amid a costly AI pivot; its stock is down 23% YTD (Bloomberg) (Visit Techmeme dot com for the link and full context!)

@reuters

Tencent revenue and profit miss on higher AI investment

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