A Tencent sign is seen at the World Internet Conference (WIC) in Wuzhen, Zhejiang province, China, October 20, 2019.
REUTERS/Aly Song/File Photo Acquire Licensing RightsHONG KONG, Nov 15 (Reuters) - China's Tencent Holdings (0700.HK) said third-quarter revenue climbed 10%, as its games business staged a robust recovery from a regulatory crackdown on the country's tech sector and online advertising sales surged.
In August, the video games sector raked in combined revenue of 29.2 billion yuan, the highest level in at least 20 months, according to CNG, a government-backed industry data firm.
Tencent's online advertising business reported a 20% jump in revenue thanks to strong demand for advertising in its video content.
Net profit declined 9% to 36.1 billion yuan from a year ago when the company had a strong quarter after divesting stakes in portfolio companies such as Sea.
Aly, Tencent, Josh Ye, Miyoung Kim, Edwina Gibbs
World Internet Conference, REUTERS, Tencent Holdings, HK, Riot Games, Thomson
Wuzhen, Zhejiang province, China, HONG KONG