Tencent's revenue rises amid dip in gaming sector, driven by success of 'Dungeon & Fighter'
Date
8/15/2024 8:46:07 AM
(MENAFN) Tencent Holdings Inc. experienced a notable acceleration in revenue growth in the second quarter of 2024, buoyed by the highly successful release of the mobile game "Dungeon & Fighter." The company's revenue for the April-June period reached 161.1 billion yuan (USD22.5 billion), reflecting an 8 percent increase compared to the previous year and closely aligning with expectations. Net income surged to 47.6 billion yuan, surpassing the anticipated 39.9 billion yuan. This growth underscores Tencent’s resilience in navigating a challenging gaming sector, aided significantly by the launch of "Dungeon & Fighter" in China in May. Developed in collaboration with Nexon, the game has proven to be a key driver in counteracting the broader industry downturn.
Beyond the success of "Dungeon & Fighter," Tencent’s continued dominance is also supported by its popular WeChat app. The app remains a critical component of Tencent's business model, bolstering its growth through substantial contributions from advertising sales, e-commerce, and online purchases. As the world's largest video game publisher, Tencent has managed to leverage these diverse revenue streams effectively, insulating itself from the overall decline affecting the gaming sector.
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