Tencent plays catch-up in cloud computing services

Tencent Holdings, operator of China’s biggest social media and video gaming businesses, said it will step up investments in cloud computing for industries, heating up its rivalry with e-commerce giant Alibaba Group Holding in that growing online services market segment.

Shenzhen-based Tencent said its cloud computing operations will be the vehicle on which its data analytics, artificial intelligence and security systems can be customised for industries such as retail, financial services, transport, health care and education….

The internet giant capped 2018 with a quarterly profit that missed analysts’ estimates.