[vc_row][vc_column][vc_column_text dp_text_size=”size-4″]Tencent, a prominent Chinese multinational tech giant renowned for its gaming presence, has disclosed a remarkable increase in both net profit and overall revenue.
Not only recognized for its gaming ventures, Tencent is also the force behind WeChat, an all-encompassing social app widely utilized by over a billion users in China, encompassing messaging, social media, and mobile payments.
In its recently unveiled third-quarter financial results, Tencent showcased favorable figures. Despite its total revenue slightly falling short of forecasts at $21.3 billion, it still marked a significant 10% surge from the corresponding period last year.
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Tencent’s financial report spotlighted exceptional performance, particularly in surpassing net profit expectations, reaching $5.05 billion—an impressive 39% year-on-year increase. Additionally, the non-IFRS net profit achieved $6.29 billion.
A pivotal factor driving Tencent’s success is its international gaming revenue, witnessing a notable 14% growth to $1.86 billion. This growth, resilient even in the face of exchange rate fluctuations, underscores Tencent’s adeptness in global expansion and effective engagement with diverse gaming communities globally.
Within its domestic market, Tencent’s gaming revenue exhibited a 5% increase, amounting to $4.57 billion, reinforcing its continued dominance in China.
Tencent’s social software division continues to thrive, boasting 1.336 billion monthly active user accounts on flagship platforms, WeChat and Weixin. Notably, the Weixin Video Account experienced a 50% surge in total playtime, propelled by a growing creator community. However, challenges persist, such as a decline in monthly active users for QQ.
In the domain of advertising revenue, Tencent reached a record high, marking an impressive 20% year-on-year increase to $3.60 billion. With such robust financial performance, it is highly anticipated that the company’s stock price will witness an upward trend.[/vc_column_text][/vc_column][/vc_row]
