Tencent reports annual increase in revenue, net profit in Q3
Date
11/14/2024 2:51:32 AM
(MENAFN) Tencent has reported strong financial growth for the third quarter of 2024, with notable year-on-year increases in both revenue and net profit. The Chinese internet giant generated approximately 167.2 billion yuan (about 23.2 billion U.S. dollars) in total revenue, marking an 8 percent increase compared to the same period last year. The company's operating profit also saw a significant rise, up 19 percent year-on-year to around 61.3 billion yuan.
A key driver of this growth was Tencent's gaming segment, particularly in international markets. The company's international gaming revenue rose by 9 percent year-on-year, reaching a new quarterly high of 14.5 billion yuan, which helped propel the overall expansion of its gaming business. This achievement reflects Tencent's strong position in the global gaming market.
In addition to its gaming success, Tencent continues to prioritize innovation and technology development, investing heavily in research and development (R&D). In the third quarter, the company spent 17.9 billion yuan on R&D, continuing its commitment to technological advancement. Since 2018, Tencent has invested more than 320.5 billion yuan in R&D, underscoring its long-term focus on innovation.
These results highlight Tencent's resilience and growth amidst the evolving global market landscape, with the company successfully expanding its gaming business and maintaining a strong focus on technological development.
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