Chinese tech giant Tencent’s profit rose 82 percent in the second quarter of this year, beating tech analysts’ forecasts. Revenue from new video games and better performance in its advertising business contributed to this growth. News CNBC.
According to reports, analysts expected the company to post a profit of 4.3 billion yuan and a revenue of 16.13 billion yuan in the April-June 2024 quarter. However, in the quarter ended in June, the company’s profit was 4,760 million yuan or 6.6 billion US dollars.
At this time last year, the company’s profit was 2,620 million yuan. In this quarter, Tencent’s total revenue was 16,110 million yuan, which is 8 percent higher than last year. The company’s revenue for the April-June quarter of 2023 was 14,900 yuan.
In the second quarter of this year, revenue from games in China and international markets increased by 9 percent. In addition, Tencent’s revenue from online advertising increased by 19 percent in this quarter compared to last year.
