Monday, 27 January, 2020


Tencent's profit surges 69% thanks to its thriving games business

Tencent's profit surges 69% thanks to its thriving games business Tencent's profit surges 69% thanks to its thriving games business
Conrad Doyle | 15 November, 2017, 18:44

Tencent reported revenue of $9.8 billion, beating the lone estimate on Zacks Investment Research of $9.39 billion and up 61% from the year-ago period.

"During the third quarter of 2017, we recorded strong business and revenue growth across multiple business lines including games, digital content, online advertising and payment related services".

Net profit for the third quarter rose 67% from the year-ago period to 18 billion yuan, or $2.72 billion.

Its Youtube equivalent, Tencent Video, now has more than 43 million paying subscriptions, making it the video streaming service with the largest subscriber base in China, Tencent said.

Revenue at Tencent for its PC games was up 27% ending the quarter at 14.5 billion yuan, while its revenue for online advertising increased by 48% to more than 11 billion yuan.

"We believe this success reflects our increasing investment in self-commissioned video content, our improved selection of licensed video content, and our scheduling and audience management initiatives", CEO Pony Ma said in a statement.

Tencent Video competes against Baidu's iQiyi and Alibaba-backed Youku Tudou.

WeChat, the messaging app that Tencent is best known for, reached 980 million monthly users when combined with its sister QQ service.

Last year, Tencent ramped up its worldwide video games business with its acquisition of Finnish mobile game developer Supercell Oy for US$8.6 billion.

The fantasy role-playing game based on Chinese historical characters became so popular that Tencent had to introduce curbs on play time earlier this year amid reports of serious addiction among children.

Chinese internet giant Tencent has released its financials for the three months ended September 30, and the company saw revenues and profits rise thanks to the performance of its smartphone and PC games.

The transaction represented Tencent's single biggest investment in a video games company. Honour of Kings, the world's most lucrative mobile app this year, was a stellar contributor, while the firm also owns League Of Legends for PC.

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