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Tencent quarterly revenue rises 8% on gaming strength
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Tencent quarterly revenue rises 8% on gaming strength
Nov 13, 2024 1:45 AM

BEIJING (Reuters) -Chinese technology giant Tencent Holdings ( TCTZF ) posted on Wednesday a 8% rise in third-quarter revenue, driven by growth in its gaming business after the recent launches of new titles.

Tencent ( TCTZF ), the world's largest video game company and operator of the WeChat messaging platform, reported revenue of 167.19 billion yuan ($23.14 billion) for the quarter ended Sept. 30, in line with the average analyst estimate of 167.8 billion yuan, according to LSEG data.

Domestic gaming revenue rose 14% to 37.3 billion yuan, extending the previous quarter's 9% growth and marking two straight quarters of expansion after earlier declines. International gaming revenue increased 9% to 14.5 billion yuan.

The result was partly driven by "Dungeon & Fighter Mobile", a marquee title launched in May, as well as the release of a new shooting game, "Delta Force", in September.

The August release of "Black Myth: Wukong," a globally successful game based on the Chinese classic "Journey to the West," boosted Tencent's ( TCTZF ) investment portfolio, where the company holds a stake in the game's developer.

Tencent's ( TCTZF ) net income rose 47% to 53.23 billion yuan. Analysts had on average expected net income of 52.89 billion yuan, according to LSEG.

($1 = 7.7791 Hong Kong dollars)

($1 = 7.2242 Chinese yuan renminbi)

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