Tencent’s quarterly revenue grew by 11% – Kommersant
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The Chinese company Tencent published its first quarter financials (.pdf), which turned out to be positive after several quarters of decline or no growth. In the first three months of this year, Tencent’s revenue increased by 11% compared to the same period in 2022 and amounted to $21.4 billion. This is the most significant increase in more than a year. According to Tencent, the recovery of domestic consumption in China after the lifting of severe anti-COVID restrictions contributed to the improvement in no small measure. Operating income under IFRS increased by 9% QoQ to $5.9 billion, operating margin remained at 27%.
Tencent is one of the largest investment and venture companies in China, specializing in various areas of high-tech business, including developments in the field of artificial intelligence and electronic entertainment.
The most active, according to the company, was the recovery of the online gaming sector, both domestic and international. This is due, in part, to the release of games such as Honor of Kings, which, as stated in the reporting, provided “record gross revenue in the first quarter of 2023.” The revenue from the CrossFire game for PC and smartphones also turned out to be high. Video game sales outside China up 25% to $1.9 billion Tencent-owned social media revenue, including WeChat and QQ, up 6% to $4.4 billion Online advertising revenue up 17% to $3 billion
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