News: Tencent's adjusted profit increased by 11% in the first quarter, continuing to increase investment in AI
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Tencent Holdings Limited announced its financial report for the first quarter of 2023, with revenue increasing by 9.1% year-on-year to CNY 196.46 billion, and non-International Financial Reporting Standards (IFRS) net profit attributable to shareholders rising by 10.7% to CNY 67.9 billion. Revenue from the gaming business grew by 6%, while advertising and enterprise services revenue increased by nearly 20%. The company has increased its AI investments, with capital expenditures reaching CNY 31.9 billion, a growth of 16%. The stock price fell slightly on Thursday, down over 22.8% year-to-date
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