Chinese Internet giant Tencent is building an all-in-one platform.
Wide-moat Tencent’s strong net income beat in the fourth quarter was mainly because the income tax rate came in at 12.6% versus our 20.2% estimate and 21.7% in the third quarter, due to a reversal of income tax expense for certain high-tech subsidiaries that qualified for a lower corporate income tax rate. Revenue growth slowed to 51.4% in the quarter from 61.5% in the third quarter and was 6% lower than our expectations, led by lower-than-expected value-added services revenue. However, we think...
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