Chinese technology giant Tencent today reported a 13% YoY increase in first-quarter revenue to 180 billion RMB ($25 billion), exceeding analyst expectations of 174.6 billion RMB. The growth was primarily fueled by its gaming business, with domestic gaming revenue rising 24% to 42.9 billion RMB ($5.95 billion) and international gaming revenue climbing 23% to 16.6 billion RMB ($2.3 billion). Net profit reached 47.8 billion RMB ($6.63 billion), up 14% YoY but falling short of analysts’ 52.2 billion RMB ($7.2 billion) target. Capital expenditures surged 91% YoY to 27.5 billion RMB ($3.8 billion) as Tencent continues investing heavily in AI capabilities including its Yuanbao chatbot and Hunyuan foundational model.