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Chinese gaming giant Tencent books, 13% for the third quarter of the earnings decline, miss estimates

FILE PHOTO – Tencent headquarters is seen at Nanshan Hi-Tech Industrial Park in the southern Chinese city of Shenzhen June 9, 2011. REUTERS/Bobby Yip

BEIJING (Reuters) – a Chinese gaming and social media giant Tencent Holdings Ltd, said on Wednesday net profit in the third quarter, fell 13%, missing analysts’ estimates, hit by falling media-advertising-and-PC-games-of-sales.

The world’s largest gaming company, as the sales are recognized, and a 20.38 billion yuan ($2.91 billion) net profit for the three months to the end of September. That is, compared to 23.45 billion yuan, an average of 15 analyst estimates compiled by Refinitiv.

Revenue increased by 21% to 97.2 billion yuan, compared with the 98.2 billion yuan, the average estimate of 17 analysts.

Reporting Pei Li and Brenda Goh; Editing by Christopher Cushing & Kim Coghill

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