
Zoi Sadowski Synnott had given New Zealand its first ever Winter Olympic gold earlier in the Games and Porteous made it two with an inspired first run at Genting Snow Park.
The 20-year-old scored 93.00 to take the lead on his first attempt, although he ran out of speed on his second run and crashed on his third.
It was still enough to stay ahead of twice champion Wise, who was unable to make it a hattrick of Olympic titles and finished second on 90.75.
His American teammate Alex Ferreira was third on 86.75.
Britain’s Gus Kenworthy, a slopestyle bronze-medallist at the 2014 Sochi Games, finished eighth in his final appearance before retiring.
Kenworthy, who switched allegiance after representing the US, suffered a heavy fall on his second run, smashing his back into the side of the halfpipe.