Tencent Reports Strong Q1 Growth Driven by Ads and Subscriptions

Profit surges 62% for Tencent Holdings and 28% for Tencent Music as gaming slows but other segments thrive.

Tencent Holdings' Q1 profit reached 41.9 billion yuan, a 62% increase year-on-year.
Advertising revenue grew 26%, bolstered by WeChat's video and search features.
Tencent Music saw a 28% rise in profits, driven by a 39% increase in music subscription revenues.
Despite a 3% decline in overall revenue, Tencent Music added a record 7 million new subscribers.
Tencent's gaming revenue declined domestically but showed signs of recovery with new titles.