BEIJING (Reuters) -Chinese technology giant Tencent Holdings posted an 11% rise in fourth-quarter revenue on Wednesday, driven by growth in its gaming business.
Tencent, the world’s largest video game company and operator of the WeChat messaging platform, reported revenue of 172.4 billion yuan ($23.83 billion) for the quarter ended December 31.
The results exceeded the 168.9 billion yuan average estimate from analysts polled by LSEG.
Net profit was 51.3 billion yuan compared with analysts’ expectations of 46.3 billion yuan, according to LSEG data.
Tencent’s domestic gaming business has shown robust recovery since mid-2024, bolstered by successful launches including “Dungeon & Fighter Mobile” and “Delta Force”.
The company has also benefited from regulatory easing in China’s gaming sector following the stringent restrictions of previous years.
For the quarter, domestic gaming revenue rose by 23% to 33.2 billion yuan, while international gaming revenue climbed 15% to 16 billion yuan.
Revenue from the Marketing Services segment, comprising online advertising, grew 17% to 35 billion yuan.
The FinTech and Business Services segment, which encompasses payment services, wealth management products, and cloud computing solutions, posted revenue of 56.1 billion yuan, a 3% increase year-on-year.
($1 = 7.2357 Chinese yuan)
(Reporting by Liam Mo and Brenda Goh; Editing by Jacqueline Wong and Kate Mayberry)
