China's Tencent revenues surge thanks to gaming boom
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China's Tencent revenues surge thanks to gaming boom
Chinese tech giant Tencent has reported a 26% surge in quarterly sales, pushed higher by its online gaming business.
Tencent's Honor of Kings remained a top-ranked game in China, while PUBG Mobile continued to do well overseas.
Online joker madness gaming revenues surged 29% to $ 6bn (£ 4.4bn) in the last quarter of 2020 over the same quarter in 2019.
However, the company faces more scrutiny from China's regulators, who have recently taken a tougher approach to the country's tech giants.
Tencent's overall revenues rose to $ 20.5bn in the last quarter of 2020, with a profit of $ 5.2bn.
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Revenues from online advertising increased by 22%, while revenue from its financial technology (fintech) and business services was up 29%.
“We extended our leading position in the consumer internet space with enriched content and innovations across our products, while making notable progress in international expansion, starting with games,” Tencent's chief executive Ma Huateng said.
Gaming competition
Although the bulk of the company` gaming revenue still comes from China, Tencent's international sales increased by 43% compared to 2019.
In addition to the company's two most popular titles, Peacekeeper Elite and Moonlight Blade Mobile helped fuel sales. |
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