Tencent Holdings reported first-quarter revenue and net profit below expectations on Wednesday as the Chinese tech giant ramps up investment in artificial intelligence in an increasingly crowded market.
The Shenzhen-based company posted revenue of 196.5 billion yuan ($28.94 billion), up 9% year-on-year but short of the 198.96 billion yuan analysts had forecast. Net profit came in at 58.1 billion yuan, missing estimates of 61.42 billion yuan.
