Tencent earnings for the first quarter of the year have TCEHY stock falling on Wednesday.
Tencent (OTCMKTS:TCEHY) reported earnings per share of 32 cents for the first quarter of 2019. This is a drop from the company’s earnings per share of 35 cents from the same period of the year prior. However, it still manages to match Wall Street’s earnings per share estimate for the quarter, but couldn’t stop TCEHY stock from falling today.
The Tencent earnings report for the first quarter of the year also includes net income of $4.14 billion. This represents a 16% increase over the company’s net income from the first quarter of 2018.
Operating income reported by Tencent for the first quarter of 2019 comes in at $5.46 billion. This is up 20% over the Chinese investment company’s operating income reported during the same time last year.
Tencent earnings for the first quarter of the year have revenue coming in at $12.69 million. That has the company’s revenue increasing 16% from the first quarter of the previous year. Unfortunately for TCEHY stock, this still wasn’t enough to reach Wall Street’s revenue estimate of $12.81 billion for the period.
Part of what was dragging Tencent revenue down during the quarter was its Online Game division. The company notes that it saw revenue from the Online Game division decrease by 1% from the same time in 2018.
TCEHY stock was down 2% as of noon Wednesday, but is up 19% since the start of the year.
As of this writing, William White did not hold a position in any of the aforementioned securities.