Tencent Sees Profit on Smartphone Games, WeChat Now Has 980 Million Users

Tencent Sees Profit on Smartphone Games, WeChat Now Has 980 Million Users

Chinese Internet giant Tencent Holdings Ltd on Wednesday posted a 69 percent jump in quarterly net profit, beating expectations, on strong smartphone games revenue.

Net profit for the three months ended September rose to CNY 18 billion ($2.72 billion), China’s largest social media and gaming company said in a filing to the Hong Kong Stock Exchange.

This was above an average estimate of CNY 15.18 billion from six analysts polled by Thomson Reuters.

Revenue rose 61 percent to 65 billion yuan, against an estimate of CNY 60.78 billion.

Monthly active users of the social media mobile app WeChat hit 980 million, up from 963 million three months ago.

Revenue from smartphone games, helped by its popular title Honour of Kings, grew by 84 percent to CNY 18.2 billion in the quarter, Tencent said in the filing.

[“Source-gadgets.ndtv”]

Cheetah Mobile’s Live.me App Gets $50 Million in Funding, Looks to Expand in India

Cheetah Mobile's Live.me App Gets $50 Million in Funding, Looks to Expand in India

Aiming to make inroads into the Indian market, Chinese firm Cheetah Mobile on Tuesday announced that its live-streaming platform Live.me app has received $50 million (roughly Rs. 326 crores) in funding from China-based tech company Bytedance.

With the new alliance and funding, Live.me, that has more than 35 million global users, seeks to expand into more local languages and other content genres to reach an even broader audience in India.

“We are delighted to welcome Bytedance as a strategic partner for our fast-growing, live-streaming business. Bytedance’s investment will accelerate the growth of Live.me’s live video and short video businesses,” Sheng Fu, Cheetah Mobile’s Chief Executive Officer, said in a statement.

Following its debut in India earlier this year, Live.me is now pursuing an expansion strategy by setting up a new office in Mumbai and building strategic partnerships with local influencers with the goal of creating popular content for the users.

As part of the definitive agreement, Live.me will provide live-streaming services to Bytedance in the overseas markets.

[“Source-gadgets.ndtv”]

Prince Charles backs $10 million new education bond for marginalised children in India

Britain’s Prince Charles and his wife Camilla attend a cultural event at the British Council in New Delhi on Wednesday. Photo: AFP

Britain’s Prince Charles and his wife Camilla attend a cultural event at the British Council in New Delhi on Wednesday. Photo: AFP

London: Britain’s Prince Charles, on a two-day visit to India, has given his backing to a new development bond for India to provide education to marginalised children in the country.

The $10 million education development impact bond (DIB) has been created by the British Asian Trust, founded by the Prince of Wales to fight poverty in south Asia, and is designed to improve learning outcomes for thousands of marginalised children in India.

The bond is intended as an innovative and sustainable social impact investment tool which will be tied in with performance and outcomes of educational initiatives, starting in India and then across the trust’s other regions of operation.

“I hope that through the trust we can impact the lives of not just children in India but also change the mindsets of philanthropists around the world,” said Prince Charles, who arrived in New Delhi on Wednesday. The education development impact bond has been developed by the trust alongside UBS Optimus Foundation with the aim of transforming the future of education in India.

Under the initiative, the DIB will provide funding to four local not-for-profit delivery partners in the country over four years, delivering a range of operational models including principal and teacher training, direct school management, and supplementary programmes.

It is intended to improve literacy and numeracy learning levels for over 200,000 primary school students from marginalised communities in Delhi, Gujarat and Rajasthan. The UK government’s department for international development (DfID) will contribute technical assistance and insights to the project as part of a wider partnership.

“The DfID is exploring new and innovative ways to finance programmes which will transform the lives of some of the world’s poorest people. We are proud to support the British Asian Trust as they develop their development impact bond, which will provide access to quality education for hundreds of thousands of children,” said DfID minister Priti Patel.

The bond has been described as a step towards a greater focus on social impact financing as a transformational tool for philanthropy. The concept of development impact bonds is intended as a result-oriented way to attract new capital into development, with a strong emphasis on data and evidence.

Richard Hawkes, chief executive of the British Asian Trust, explains: “At the heart of our programme strategy is a real determination to continue applying business principles to the work. We are convinced that only by applying these to philanthropy and to development are you really able to meet the needs of the greatest number of people.”

Sir Ronald Cohen, international philanthropist and a champion of global impact investing, described the British Asian Trust’s initiative as “ground-breaking” and capable of delivering vital social improvement at scale. In India, Prince Charles will meet Prime Minister Narendra Modi for bilateral talks as part of a series of events planned during his two-day visit with wife Camilla, Duchess of Cornwall. PTI

[“Source-livemint”]

Xiaomi Says It Shipped More Than 10 Million Smartphones Last Month

Xiaomi Says It Shipped More Than 10 Million Smartphones Last Month

HIGHLIGHTS

  • Xiaomi sold more than 10 million smartphones in India
  • It’s a record performance for the company
  • The company also reached a milestone in India

September was a big month for Xiaomi. The Chinese smartphone maker shipped more than 10 million smartphones last month across all the markets where it operates, Xiaomi’s chief executive officer Lei Jun said.

A thrilled and happy Jun, who shared the announcement, thanked employees and partners. The company also reached a major milestone in India. Roughly three years after entering the nation, Xiaomi’s vice president and India head Manu Kumar Jain said the company had shipped more than 25 million smartphones in the country.

The big jump in sales comes as people in South Asian countries including India begin to prepare for the festival season. In India, for instance, Amazon India and Flipkart have been cashing in on the festive season, giving customers lucrative discounts with sales past and sales to come. Xiaomi said last month it had sold more than one million handsets in just two days, a major improvement over its performance in the country last year, when it took 18 days to sell one million smartphones.

Even as Xiaomi has always been known as a company which plays very aggressively, offering some of the best hardware at the price point, the company has appeared more focused in the recent months. It recently launched the Mi Mix 2, a bezel-less smartphone, and Mi A1, its first Android One smartphone for markets like India.

The recent development will help the company better compete with Chinese smartphone maker Huawei, which recently posted better sales than Apple. The company shipped north of 73 million smartphones in the first two quarters of this year, averaging more than 12 million handset shipments in a month. According to marketing research firm Strategy Analytics, Huawei shipped 38.4 million handsets in Q2 2017, while Oppo shipped 29.5 million handsets. In comparison, Xiaomi had shipped 23.16 million handsets in the quarter that ended in June.

[“Source-gadgets.ndtv”]