Tencent’s Timi gaming studio generated $10 billion in 2020 – Sources

(Reuters) – Chinese tech giant Tencent’s Timi Studios, maker of popular video games Honor of Kings and Call of Duty Mobile, generated revenue of $10 billion last year, two people with direct knowledge of the matter told Reuters.

The $10 billion would make Timi the world’s largest developer, the sources say, which many industry watchers had suspected to be the case.

It also provides a hefty basis for its ambitions to move beyond mobile games and compete directly with global heavyweights developing expensive “AAA” titles on platforms such as desktop computers, Sony’s PlayStation, Nintendo’s Switch and Microsoft’s Xbox.

In a recruitment notice last month, a Timi engineer wrote that the company aims to create a new AAA game that resembles the virtual community from the movie Ready Player One, and will “compete head-to-head against big powers from Japan, Korea, Europe and U.S.”

Tencent is building studios overseas, including one for Timi and one for Lightspeed and Quantum, both in Los Angeles, with the goal of creating content with original intellectual property that has global appeal.

Tencent aims eventually to derive half its game revenue from overseas, from 23 percent in the fourth quarter of 2019, the most recently available figure.

Many major studios are turning to Tencent for support to convert their “hardcore” desktop or console games to mobile. Such games feature long sessions and in-depth storytelling or battles, with some including multiplayer online role-playing or online battle arenas.

Last week, Tencent reported 156.1 billion yuan ($23.79 billion) in overall online game revenues for 2020 but did not break down revenue for individual studios, which are run independently and compete with each other.

Timi’s proceeds accounted for 40% of the game revenue, said the two people.

Of Tencent’s remaining gaming revenue last year, its Lightspeed and Quantum studio, the developer of PUBG Mobile, another top-grossing game, contributed 29%, the people said, while 26% was proceeds from publishing for other developers. Aurora Studios Group, boosted by its Moonlight Blade Mobile title, contributed 3%, the people said.

The sources declined to be identified because the information is not public.

Tencent did not immediately reply to a Reuters request for comment.

Tencent, which has benefited from a surge in paying gamers, said last week its online games revenue rose 29% to 39.1 billion yuan in the fourth quarter.

($1 = 6.5619 Chinese yuan renminbi)

Exclusive: Credit Suisse execs earn less following 2020 headaches

Credit Suisse executives earned 12% less in total aggregate compensation in 2020, the bank’s annual report showed on Thursday, as bonuses were hit by legal matters, anticipated credit losses and a hit from a writedown in its asset management business.

Executives were awarded 68.4 million Swiss francs ($74.08 million), the report showed, while CEO pay also fell.

Chief Executive Thomas Gottstein became head of the bank last February after the abrupt departure of predecessor Tidjane Thiam.

($1 = 0.9233 Swiss francs)

Bumble quarterly revenue jumps more than 31%

Bumble Inc reported a 31.1% rise in fourth-quarter revenue on Wednesday, as people bored at home turned to online dating during the pandemic.

Social distancing restrictions that made casual gatherings with friends and family a rarity, plunged people into loneliness and sent them looking for company online, benefiting dating apps.

Bumble, unique for its “women-first approach”, boasted of 12.7% of the U.S. dating market, with close to 5.5 million average monthly active users and 2.2 million downloads in the United States alone, during the quarter, according to data from analytics firm Apptopia.

The company posted revenue of $165.6 million in the quarter, compared with $126.3 million a year earlier.

Net loss widened to $26.1 million, or 1 cent a share, from $17.2 million.

Oracle cloud revenue misses estimates as competition intensifies

Business software maker Oracle Corp’s cloud division reported quarterly revenue that missed analysts’ estimates, on increased competition from Amazon.com Inc and Microsoft Corp for cloud services due to remote working.

The company’s shares fell 2.6% to $70.25 in extended trading on Wednesday.

With the shift to remote work, many businesses were pushed to shift operations to the cloud resulting in an increase in demand for offerings by Oracle, Microsoft’s Azure and Amazon Web Services.

Revenue from Oracle’s cloud services and licenses support unit, its largest by revenue, rose 5% to $7.25 billion in the reported quarter, compared with estimates of $7.27 billion, according to IBES data from Refinitiv.

“We are opening new regions as fast as we can to support our rapidly growing multi-billion dollar infrastructure business,” Oracle Chairman Larry Ellison said.

To compete with cloud services provided by Amazon and Microsoft, Oracle has been setting up more data centers.

The company’s revenue rose 3% to $10.09 billion for the third quarter ended Feb. 28, edging past analysts’ estimates of $10.07 billion.

On an adjusted basis, Oracle earned $1.16 per share beating estimates of $1.11.

Zoom beats quarterly revenue estimates

Zoom Video Communications Inc reported better-than-expected quarterly revenue on Monday, helped by increased users on its video-conferencing platform for remote work and online learning against the backdrop of broader stay-at-home orders.

Zoom users have surged in the past year, fueled by its free platform that people turned to for socializing, virtual meetings and e-classes, with some users going for the paid version to avail more features.

Video conferencing services such as Zoom stand to benefit from the adoption of hybrid work models by many businesses, part work-from-office and part work-from home, that demand the usage of its platform to stay connected.

Zoom reported quarterly revenue of $882.5 million, compared with estimates of $811.8 million, according to IBES Refinitiv data.

Net income attributable to common stockholders rose to $260.4 million, or 87 cents per share, in the fourth quarter ended Jan. 31, from $15.3 million, or 5 cents per share, a year earlier.

ASM sees higher first quarter revenue on the back of strong orders

ASM estimated first-quarter revenue of 380-400 million euros ($489.20 million) compared with 347 million euros in the fourth quarter.

Fourth-quarter order intake rose 25% quarter on quarter to 379 million euros, above its guidance of 340-360 million euros, citing strong demand in the logic and foundry segment.

($1 = 0.8177 euros)

Twitter expects annual revenue to double in 2023, shares up 8%

Twitter Inc said on Thursday it expects to double its annual revenue to at least $7.5 billion in 2023.

The social media network said in a filing it has set a goal to “double the number features shipped per employee” to help grow revenue or the number of users.

The company expects to reach at least 315 million monetizable daily active users (mDAU) by the fourth quarter of 2023.

Twitter defines mDAU as the number of daily users who can view ads.

The company’s shares were up nearly 8% in trading before the bell.

Twitter has rapidly added new features over the past several months. It acquired newsletter startup Revue last month, and began testing “Spaces,” an audio chat-room feature similar to viral voice-based app Clubhouse.

Chief Executive Jack Dorsey said earlier this month that Twitter would explore launching content subscriptions and letting users receive tip payments from followers.

The company is set to hold a virtual investor day later on Thursday.

Nvidia current-quarter forecast beats expectations

(Reuters) – Nvidia Corp forecast better-than-expected first-quarter revenue on Wednesday, betting on strong demand for its graphic chips used in gaming devices and data centers.

As people wait for vaccine rollouts, extended stay-at-home has sustained the demand for chips used in personal computers, gaming devices and data center infrastructure that enable remote working.

While Nvidia has been known for its graphic chips, its aggressive push in the data centers market has allowed it to become the most valuable semiconductor maker by market capitalization, eclipsing rivals Intel Corp and Advanced Micro Devices.

The company expects first-quarter revenue of $5.30 billion, plus or minus 2%, above analysts’ average estimate of $4.51 billion.

Revenue in the quarter ended. Jan. 31 rose to $5 billion from $3.11 billion, a year earlier. Analysts on average were expecting it to be $4.82 billion, according to IBES data from Refinitiv.