(Bloomberg) -- Tencent Holdings Ltd.’s revenue beat expectations after Covid-19 lockdowns propelled gaming sales to their fastest pace of growth since 2017, sending shares surging in Hong Kong.The WeChat operator’s revenue rose 26% to 108.1 billion yuan ($15.2 billion) after online gaming sales leapt 31% during the coronavirus-stricken March quarter, helping offset shrinking ad budgets and a record Chinese economic contraction. Shares rose as much as 4% Thursday, their biggest gain in more than a month.The numbers underscore how Tencent’s among the more resilient of China’s internet giants thanks to its bread-and-butter gaming division, which rode an upswell of spending from homebound players in the world’s largest gaming arena. But the company warned those gains could peter out as China returned to normality and went back to work, while global macro uncertainty may continue to depress spending by corporations on online advertising.Ad spending on “long-form video from multinationals has seen a...
The market has proven itself difficult to predict at the best of times, yet the sustained rally since mid-March has left many perplexed. As the bad news on Main Street has kept piling up, Wall Street has nonchalantly marched on, seemingly oblivious to the pandemic’s destructive effect and buoyed by the stimulus measures.But perplexing market moves are nothing new. Which brings us to Roku (ROKU). The OTT leader delivered a solid quarterly report last week, and promptly tanked in the market, as shares dropped by 8% in Friday’s session.At first glance, this may seem odd. Roku reported revenue of $321 million, up by 55.3% year-over-year and beating the estimates by $11.77million. Q1 GAAP EPS of -$0.45 met Street expectations, while active accounts increased year-over-year by 36.8% to 39.8 million. Unsurprisingly, in these stay at home times, engagement soared to 13.2 billion hours, up by 49% compared to the same period last...
Posted by OFX AUD - Australian Dollar The Australian Dollar opens lower this morning, falling overnight as the US dollar recoups early week losses. Having touched intraday highs at 0.6522 the AUD fell back through 0.65 following commentary from Federal Reserve Chairman Jerome Powell, wherein he rejected the prospect of negative interest … Continue reading "AUD vulnerable as risk sentiment sours"The post AUD vulnerable as risk sentiment sours appeared first on ....
