Tencent Likely To Benefit From Switch Publishing Approval
Zacks Investment Research | Mar 16, 2020 06:35AM ET
Tencent (OTC:TCEHY) witnessed robust growth for its marquee games as millions of people were confined to their homes due to the global coronavirus outbreak. Per sensor tower industry in the past year. The switch publishing approval as well as the revenue surge from its flagship games could further benefit the company’s share price performance in the near term.
Intense Competition in China Market
Tencent’s other segments also seem to have benefited from the pandemic coronavirus, with users on its WeChat app increasing $1.4 million since late January, per Apptopia data, quoted by Bloomberg. Moreover, the company’s cloud division is not far behind Alibaba (NYSE:BABA) in terms of revenues. Notably, Tencent’s collaborative office apps –– Tencent Conference and WeChat Work –– are closely trailing Alibaba’s DingTalk on Apple’s (NASDAQ:AAPL) iOS store in China. However, the growth in ByteDance’s popularity is a threat to the China giant, as the startup is attracting users and advertisers to its popular social media apps like Toutiao and Douyin. Zacks Investment Research
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