Tencent's Q3 Net Income Surges 47% to 53.23B Yuan, Exceeding Estimates Amid Gaming Revival

Nov 14, 2024, 07:28 AM

Tencent Holdings Ltd. reported a 47% surge in third-quarter net income to 53.23 billion yuan ($7.4 billion), exceeding market estimates. Earnings per share rose to 5.6444 yuan, up from 3.752 yuan a year earlier. Revenue increased 8% to 167.2 billion yuan ($23.1 billion), driven by a significant recovery in its gaming division. Value-added services revenue rose 9% year-over-year to 82.695 billion yuan, buoyed by successful releases like Dungeon & Fighter Mobile. Monthly active users on WeChat increased 3% to 1.38 billion. Despite fintech weakness, Tencent's strong performance in gaming and online advertising helped it resist China's economic downturn.