March 22, 2018 / 4:02 AM / 4 months ago

Tencent shares slide after revenue miss and margin warning

HONG KONG, March 22 (Reuters) - Shares of China’s Tencent Holdings fell as much as 4.6 percent on Thursday after the internet giant’s results announced a day earlier showed that revenue missed estimates and it warned that planned investments may hurt margins.

Tencent shares fell to as low as HK$441.4 in morning trading. The company posted on Wednesday a 98 percent jump in quarterly net profit, beating estimates, though revenue grew slower than expected at 51 percent.

With a market capitalisation of around $535 billion, Tencent is Asia’s most valuable listed company and the world No.5 behind Apple, Alphabet, Amazon.com and Microsoft.

Company president Martin Lau warned at a briefing on Wednesday that the company plans to invest “aggressively” in areas including video and payment, which may hurt margins. (Reporting by Sijia Jiang Editing by Muralikumar Anantharaman)

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