Tencent Stock Falls After Earnings Disappoint
Shares of Tencent Holdings Ltd. moved off their opening lows but held to losses Thursday morning, after the online major's earnings printed below expectations. Tencent was down 1.2% late in the morning session, after reporting a 46% gain for its third-quarter net profit compared to the year-earlier period. Despite the strong profit growth, the result trailed expectations for a 57% increase, according to a Wall Street Journal survey of analysts. Losses for Tencent stock, a heavily weighted component on the Hang Seng Index , helped drag on the broader market, with the benchmark index sitting flat.
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