Tencent Profit Misses Forecasts on Higher AI Spending
Tencent reported first-quarter profit of 58.1 billion yuan, missing estimates. Increased AI investment offset a nine percent rise in total revenue.
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TENCENT HOLDINGS LTD reported Q1 revenue rose 9% to 196.5 billion yuan ($28.94 billion), missing analyst forecasts of 198.96 billion yuan. Net profit reached 58.1 billion yuan, trailing estimates of 61.42 billion yuan. Higher spending on AI expansion offset gains in gaming and advertising.
