Tencent posts fastest profit growth in 3 years as online ads, business services offset slower gaming

Group 1 - Tencent faced challenges in 2022, including a Covid-induced slowdown in the Chinese economy and a tougher gaming market [1] - In the first quarter, Tencent exceeded analyst expectations for revenue and profit, driven by improved sales in its core gaming business and better profitability in advertising and business services [1] - Tencent's revenue for the March quarter was 159.5 billion Chinese yuan ($22 billion), surpassing the expected 158.4 billion yuan [1] - Profit attributable to equity holders was 41.9 billion yuan, exceeding the anticipated 36.64 billion yuan [1] - Tencent's adjusted net profit increased by 62% year-on-year, marking the fastest growth since the March quarter of 2021 [1] - Revenue grew by 6% year-on-year [1]