Home News Tencent Holdings Reports Drop in Q3 Net Profit

Tencent Holdings Reports Drop in Q3 Net Profit

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Tencent Holdings, the Chinese videogame and social-media company, has reported a decrease in net profit for the third quarter. The company’s net profit dropped by 9.4% from the previous year to 36.18 billion Chinese yuan ($4.99 billion) for the three-month period ending on September 30. Despite this decline, Tencent’s performance in games, advertising, and fintech remained strong.

In comparison to the same quarter last year, Tencent’s revenue increased by 10% to reach CNY154.625 billion. The company’s gross profit from its games and social-network business saw a 12% rise to CNY42.045 billion. Additionally, gross profit from its online advertising business increased by 35% to CNY13.45 billion, while the fintech and business-services segment experienced a 43% growth in gross profit to reach CNY21.31 billion.

It is important to note that the year-earlier results were enhanced by gains from asset disposals and certain company revaluations. While the absence of these special gains contributed to the decrease in net profit, Tencent’s overall operational strength in key sectors has continued to drive its success.

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