Tencent's Investment in New Businesses Will Put Pressure on Its Near-Term Margins
Tencent's revenue in the fourth quarter was up 28% year over year to CNY 85 billion while operating profit margin (excluding interest income and other net gains on our calculation) was 21%, up 9%. Net profit was down 32% or CNY 7.6 billion year over year to CNY 14 billion due to other net losses of CNY 2 billion versus other net gains of CNY 8 billion in the same period of 2017. The other net losses primarily consisted of a one-off expense related to the issuance of shares to strategic partners ...
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