Prosus Shares Slip After Tencent's Net Profit Miss
Dow Jones
Aug 12
Shares in Prosus fell after China's Tencent, in which the tech investor is the largest shareholder, reported a second-quarter net profit that missed analysts' views.
In midday trading, the Amsterdam-listed company's shares were down 4% at 39.45 euros. Year to date, shares have fallen more than 20%.
The Shenzhen-based videogame and social-media company's net profit was 56.02 billion yuan ($8.30 billion), up 0.7% from the same period last year, but short of the 58.51 billion yuan expected by analysts in a Visible Alpha poll.
The miss came on the back of increased investments in artificial intelligence. The company plans to more than double AI spending this year, with investments focused on foundational models and AI agents.
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