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Tencent shares fall 5 percent on smaller-than-expected second-quarter profit
August 15, 2013 / 9:07 AM / 4 years ago

Tencent shares fall 5 percent on smaller-than-expected second-quarter profit

HONG KONG (Reuters) - Shares of Tencent Holdings (0700.HK) fell by as much as 5 percent in Hong Kong on Thursday, trimming strong 2013 gains, after its second-quarter net profit rise came in smaller than expected.

Tencent, China’s largest internet company by revenue, attributed the smaller-than-expected profit increase to higher marketing costs for its WeChat social messaging service.

At 0136 GMT, Tencent shares were down 5 percent at HK$351.40, its lowest since July 31. The Hang Seng Index .HSI was flat. On the year, Tencent is still up nearly 43 percent, compared with the 0.5 percent loss for the Hang Seng benchmark.

Reporting by Clement Tan; Editing by Jean Yoon

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