HONG KONG (Reuters) – High demand for video games during COVID-19 lockdowns buoyed Tencent Holdings’ first-quarter revenue and profits, with blockbuster games PlayerUnknown’s Battlegrounds Mobile and Honor of Kings helping it beat forecasts.
FILE PHOTO: Logo of Tencent is displayed at a news conference in Hong Kong, China March 22, 2017. REUTERS/Tyrone Siu
The Chinese company’s video games business, which generates more than a third of its revenue, saw growth of 31% to 37.30 billion yuan ($5.26 billion) as people sought entertainment at home and used online multiplayer games to spend virtual time with friends.
Its flagship games PlayerUnknown’s Battlegrounds (PUBG) Mobile and Honor of Kings topped mobile games revenue globally in March, analytics firm Sensor Tower said, reinforcing Tencent’s status as the world’s largest gaming firm by sales.
In-game spending on extras such as power-ups and object skins for PUBG Mobile alone surged to $232 million, more than…
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