- Nigeria refuse to play in Libya as Algeria, Cameroon qualify
- Strike-hit Boeing leaves experts puzzled by strategy
- Leweling rockets Germany past Dutch and into Nations League quarterfinals
- Kolo Muani double fires France to win in Belgium
- Italy sweep past Israel in Nations League amid high security
- UN peacekeepers to 'stay in all positions' in Lebanon
- NASA launches probe to study if life possible on icy Jupiter moon
- 'Unique' Ronaldo an example to everyone, says Martinez
- New lawsuits against Sean Combs allege sex assault, including of minor
- Italy begins migrant transfers to Albania with first group of 16
- Google signs nuclear power deal with startup Kairos
- Carsley open to foreign England manager amid Guardiola links
- Pogba hungry to have his football cake after doping ban
- India and Canada expel top envoys in Sikh separatist killing row
- Mbappe says victim of 'fake news' after 'rape' report in Sweden
- Lebanon says 21 killed in strike on northern village
- Netanyahu vows no mercy after deadly Hezbollah drone strike
- Russia could be able to attack NATO by 2030: German intelligence
- EVs seek to regain sales momentum at Paris Motor Show
- Clarke backs Scotland to bounce back from 'tough' run
- Harris, Trump target crucial Pennsylvania as US vote looms
- NASA probe Europa Clipper lifts off for Jupiter's icy moon
- Lebanese Red Cross says 18 killed in strike in north
- Mendy borrowed money from Man City team-mates for legal fees
- Palestinian officials say Israeli forces kill two in West Bank
- Football leagues, unions file EU complaint against FIFA in calendar dispute
- Nigeria boycott AFCON qualifier in Libya after 'inhumane treatment'
- India to recall top envoy to Canada: foreign ministry
- Hezbollah, Israeli troops in 'violent clashes' after drone strike
- China insists won't renounce 'use of force' to take Taiwan as drills end
- Painkiller sale plan to US gives France major headache
- Italy begins landmark migrant transfers to Albania
- Russia jails French researcher for three years
- 'Unsustainable' housing crisis bedevils Spain's socialist govt
- Stocks shrug off China disappointment but oil slides
- New Zealand 4-0 up in America's Cup but British show signs of life
- Russian prosecutor demands 3 years prison for French researcher
- 'Innocent' British nerve agent victim caught in global murder plot: inquiry
- Afghan Taliban vow to implement media ban on images of living things
- Russian prosecutor demands 3 years, 3 months jail for French researcher
- England ready for Pakistan's spin assault in second Test
- New Zealand's Ravindra excited for India Tests with father in crowd
- India's capital bans fireworks to curb air pollution
- Stocks diverge, oil retreats as China disappoints markets
- FIFA to open 'global dialogue' on transfer system after Diarra ruling
- Trio wins economics Nobel for work on wealth inequality
- Starmer vows to cut red tape as he urges foreign investors to 'back' UK
- Ex-Stasi officer jailed over 1974 Berlin border killing
- 'Not viable': Barcelona turns against surging tourism
- Hezbollah says targeted Israeli naval base after deadly drone strike
China's Tencent posts Q3 income slide despite revenue growth
Chinese internet giant Tencent announced on Wednesday a nine percent year-on-year dip in third-quarter net income, even as it posted growth in revenue over the same period.
The Shenzhen-based firm, which operates China's ubiquitous "super-app" WeChat, reported net income for the three-month period ending September 30 of 36.2 billion yuan ($5.0 billion) in results published at the Hong Kong Stock Exchange.
But the slide in profits still beat expectations, according to Bloomberg, in a positive sign for domestic consumption in the entertainment sector.
Total third-quarter revenue for the tech giant stood at 154.6 billion yuan ($21.3 billion), up 10 percent year-on-year and up four percent from the second quarter.
The firm posted its latest results on the same day that Chinese authorities announced a surge in retail sales during October, boosted by an extended holiday at the start of the month.
Retail sales jumped 7.6 percent on-year in October, according to the National Bureau of Statistics, up from September's 5.5 percent and the highest growth since May.
The country slipped back into deflation last month, while exports continued to fall, highlighting the challenge for officials grappling with weak domestic consumption and a faltering recovery since Beijing abolished strict zero-Covid curbs in late 2022.
Following a long period of meteoric growth, Chinese tech firms have faced a stringent crackdown by authorities in recent years, which weighed heavily on their profitability.
Last quarter, Tencent's annual increase in net income to 26.17 billion yuan ($3.6 billion) -- an on-year jump of 41 percent -- was the fastest recorded since 2021.
P.Santos--AMWN