<p>Chinese gaming and social media giant Tencent Holdings Ltd reported a forecast-beating 65 per cent rise in quarterly profit on Thursday, driven by a surge in users for its video games in China and international markets.</p>.<p>Tencent, the world's largest gaming firm by revenue, booked profit of 47.77 billion yuan ($7.42 billion) for the three months through March, higher than the average analyst estimates published by Refinitiv of 35.45 billion yuan.</p>.<p>Revenue rose 25 per cent to 135.3 billion yuan, versus market expectations of 134.39 billion yuan.</p>.<p>Tencent said revenue from online games grew by 17 per cent.</p>.<p>The results come as Chinese regulators have stepped up a sweeping anti-trust clampdown on its internet giants, and have already penalised Tencent rival Alibaba $2.75 billion.</p>.<p>Reuters reported last month that Tencent was told by Chinese anti-trust regulators to pay a fine that could exceed 10 billion yuan, give up exclusive music rights, and sell some of its music assets.</p>.<p>Tencent has not yet commented on the matter.</p>.<p>Tencent Music, a music streaming company controlled by Tencent, said earlier this week that it is facing heightened scrutiny from Chinese regulators.</p>.<p>Tencent is also facing mounting competition from ByteDance, the owner of TikTok, and the similar short-video platform Douyin, which have made sizeable inroads into the video games business, including acquisition of a couple game studios this year.</p>.<p>Tencent, which gets 32 per cent of its revenue from video games, unveiled more than 60 new titles at its annual video gaming conference last week. It is looking to launch a mobile version of its League of Legends game, and also a Pokemon game in partnership with Nintendo later this year.</p>.<p>"We are stepping up our investments in game development, and in particular focusing on large-scale and high-production-value games that can appeal to users globally," Tencent said in a statement.</p>
<p>Chinese gaming and social media giant Tencent Holdings Ltd reported a forecast-beating 65 per cent rise in quarterly profit on Thursday, driven by a surge in users for its video games in China and international markets.</p>.<p>Tencent, the world's largest gaming firm by revenue, booked profit of 47.77 billion yuan ($7.42 billion) for the three months through March, higher than the average analyst estimates published by Refinitiv of 35.45 billion yuan.</p>.<p>Revenue rose 25 per cent to 135.3 billion yuan, versus market expectations of 134.39 billion yuan.</p>.<p>Tencent said revenue from online games grew by 17 per cent.</p>.<p>The results come as Chinese regulators have stepped up a sweeping anti-trust clampdown on its internet giants, and have already penalised Tencent rival Alibaba $2.75 billion.</p>.<p>Reuters reported last month that Tencent was told by Chinese anti-trust regulators to pay a fine that could exceed 10 billion yuan, give up exclusive music rights, and sell some of its music assets.</p>.<p>Tencent has not yet commented on the matter.</p>.<p>Tencent Music, a music streaming company controlled by Tencent, said earlier this week that it is facing heightened scrutiny from Chinese regulators.</p>.<p>Tencent is also facing mounting competition from ByteDance, the owner of TikTok, and the similar short-video platform Douyin, which have made sizeable inroads into the video games business, including acquisition of a couple game studios this year.</p>.<p>Tencent, which gets 32 per cent of its revenue from video games, unveiled more than 60 new titles at its annual video gaming conference last week. It is looking to launch a mobile version of its League of Legends game, and also a Pokemon game in partnership with Nintendo later this year.</p>.<p>"We are stepping up our investments in game development, and in particular focusing on large-scale and high-production-value games that can appeal to users globally," Tencent said in a statement.</p>