Naspers Share Price Prepares to Rebound Amid Board Upgrade and Tencent Push, JSE:NPN Finds Support
Naspers shares face a deep correction but sentiment is stabilising as an ex-Google VP joins the board and Tencent expands a strategic collaboration with Stream.
Quick overview
- Naspers shares have declined approximately 30% since their peak in October 2025, but key support at R840 has emerged amidst a volatile market.
- The appointment of Arnold Goldberg, a former Google VP, to Naspers' board is expected to enhance governance and technology expertise.
- Tencent's collaboration with Stream aims to accelerate the development of real-time AI agents, reinforcing its position in next-generation AI infrastructure.
- Despite current market challenges, Naspers reported strong earnings growth, driven by its e-commerce and digital platforms, indicating underlying business strength.
Naspers shares face a deep correction but sentiment is stabilising as an ex-Google VP joins the board and Tencent expands a strategic collaboration with Stream.
📉 Share Price Correction and Technical Picture
Naspers has been under sustained pressure since its peak in October 2025, with shares declining roughly 30% from above R1,030 to around R840. The sell-off followed a strong earlier rally, transitioning into a corrective phase marked by volatility and fading upward momentum.
Despite the weakness, R840 has emerged as a key support zone, repeatedly holding during recent downside tests. However, resistance from major moving averages has limited rebound attempts, creating a pattern of lower highs and constrained upside recovery.
Importantly, while momentum has weakened, the broader structure still resembles consolidation rather than a confirmed trend reversal, leaving room for a potential recovery if support levels continue to hold
🧠 Board Strengthening: Ex-Google VP Appointment
A key development supporting long-term sentiment is the appointment of Arnold Goldberg, former Google Vice President, as an independent non-executive director at both Naspers and Prosus.
Goldberg, a computer engineering graduate from the University of Florida, has a background spanning:
- Software engineering roles at Harris Corporation and ABB
- Significant contributions to IBM’s WebSphere Application Server
- Senior leadership at Google, particularly in payments and digital infrastructure
His appointment is viewed as a strategic enhancement of governance and technology expertise at board level, particularly as Naspers continues to reposition itself toward digital and AI-driven growth areas.
🤝 Tencent Collaboration Strengthens Ecosystem
Another supportive catalyst is Tencent’s partnership with Stream, the creators of the Vision Agents framework, aimed at accelerating real-time multimodal agent development.
The collaboration integrates Tencent Real-Time Communication (RTC) as a core edge transport plugin, enabling:
- Real-time conversational AI agents capable of seeing, hearing, and responding dynamically
- Ultra-low latency performance supported by Tencent’s global backbone of 3,200+ network nodes
- Simplified development workflows, allowing rapid deployment of advanced AI applications
This reinforces Tencent’s positioning in next-generation AI infrastructure, which remains a critical valuation anchor for Naspers due to its significant ownership stake.
Moving Averages Continue to Support the Trend
From a technical perspective, Naspers remains positioned within a well-established uptrend. During the retracement, the share price slipped below the 50-week simple moving average (yellow) and then it slipped below the 100 SMA (green). However the decline has stalled and we saw an attempt at climbing higher in March, popping above R1,000 shortly but couldn’t hold the gains and reversed lower.
NPNJ Chart Weekly – Naspers Found Support at the 200 SMA
The larger trend remains bullish, but the sentiment is bearish mid-term, so there might be further pullbacks. The major support zone comes at around R800 where the 200 weekly SMA (purple) also stands. So, that would be a luring place to go long on Naspers if the share price retreats down there.
NPNJ Chart Weekly – The 50 SMA Is Holding
📊 Fundamentals Remain a Core Stabilising Factor
From a fundamental perspective, Naspers continues to demonstrate resilient growth across its portfolio.
For the first half of fiscal 2026:
- Core headline earnings rose 46% to $3.1 billion
- Revenue increased 20% to $7.2 billion
This performance was driven primarily by its expanding e-commerce and digital platforms, which continue to benefit from scale efficiencies and improving monetisation.
Key contributors include:
- Takealot, which saw solid gross merchandise value growth supported by improved cost discipline
- AutoTrader and Property24, which benefited from rising digital adoption
- Broader efficiency gains driven by AI-enabled tools enhancing engagement and platform performance
These results reinforce the view that underlying business strength remains intact even as equity sentiment weakens.
💼 Capital Allocation and Portfolio Strategy
Naspers continues to actively manage its investment portfolio. The sale of 12 million Remitly shares, raising approximately $191.8 million, reflects a broader strategy of capital recycling—monetising mature positions to fund higher-growth opportunities or shareholder returns.
Such moves highlight a disciplined approach to portfolio optimisation and long-term value creation.
- Revenue: $7.2 billion, with e-commerce revenue up 21% to $7.0 billion.
- Profitability: Adjusted EBIT turned positive to $130 million (from a $154M loss prior year).
- E-commerce Growth: Key units like iFood grew adjusted EBIT by 178%, while classifieds rose 61%.
- Earnings Per Share (EPS): For the half-year ending 09/2025, diluted EPS was US$2.91. For the full-year 2025, EPS was US$31.42.
- Outlook: The group is on track with a three-year plan to double e-commerce revenue and triple adjusted EBIT.
- E-commerce Surge: The group’s e-commerce segments achieved significant profitability, including eMAG and Takealot in South Africa.
- Financial Health: The company continues to invest in AI-driven startups and holds strong cash reserves ($6.54B in FY23H1, according to older data, though current cash flow is strong).
- Future Focus: Continued investment is targeted at AI, food delivery, and classifieds across Latin America, Europe, and India.
📌 Conclusion
While Naspers remains in a corrective phase technically, strong earnings momentum, a high-profile board addition from ex-Google leadership, and deeper Tencent AI ecosystem integration collectively support the case for potential stabilisation and a longer-term recovery trend if key support levels continue to hold.
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