Tenkobo (yes, Tencent)
This is incredible!
Tencent released blockbuster Q1 results that sent its market value soaring by up to $34 billion, making it briefly more valuable than Alibaba. Shares climbed 7.1% (finishing 5.1% up) after the Chinese tech giant beat analyst expectations with a profit rise of 61% and a gross margin of 50.4%. A lot of Tencent's performance boost came from its numerous investments, Fortune reports.
The shares climbed 7.1 percent to an intra-day high HK$424.20, their biggest daily rise in nearly three years, before shedding some of the gains to be up 5.1 percent in the afternoon and giving it a market value of about $504 billion. At the day’s high, its market capitalization was about $514 billion, surpassing Alibaba’s $507 billion.
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