Sputnik — Tencent Profits Skyrocket 89 Percent YoY Amid COVID-19, Vows to Work With Chinese State Regulators

The WeChat owner and gaming boosted net profits 89 percent year-on-year to 38.54bn yuan ($5.8bn) in Q3, the company's financial report revealed....

Tencent president Martin Lau Chi-Ping said in the company's earnings call that regulators were seeking fair competition practices and innovation to facilitate "a balance of interest for all stakeholders".

“As technology companies become bigger and more important to the economy … more regulations to reflect the new reality are needed. We believe the government is still supportive of the Internet and the technology industry, especially the innovation that’s driven by the industry, he said in the phone conversation.

But the intention was to "prevent misconduct" and "ensure long-term healthy growth" in the industry, he added.

Sputnik International (Russian state-sponsored media)

Tencent Profits Skyrocket 89 Percent YoY Amid COVID-19, Vows to Work With Chinese State Regulators