Tencent Q2 revenue beats, capex surges 65%

Tencent's second-quarter revenue rose 11% year-on-year to 204.78 billion yuan, beating estimates, while net profit of 56 billion yuan missed. Capital expenditures jumped 65% to 52.8 billion yuan as the company invests heavily in AI infrastructure, with free cash flow turning negative at 13.8 billion yuan.