Tencent sees 19% YoY increase in net profit during 4Q22

MG News | March 23, 2023 at 01:30 PM GMT+05:00

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March 23, 2023 (MLN): Chinese tech giant Tencent has reported a 19% year-on-year increase in net profit for Q4 2022, reaching 29.7 billion yuan ($4.3 billion), alongside a 0.5% YoY rise in revenue to 145bn yuan ($21bn).

While Tencent's total revenues for 2022 declined by 1% to 554.6bn yuan ($81bn), its international games business saw a boost, contributing 33% of the company's games revenue in Q4 2022 compared to 28% in the same period the previous year.

Despite annual earnings declines, Tencent CEO Ma Huateng expressed confidence in the company's focus on core activities and the development of new revenue streams, such as Video Accounts and international games, while also investing in AI capabilities and cloud infrastructure.

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