Tencent Posts 90% Profit Surge in Q4 2024 Amid AI and Gaming Expansion
The Chinese tech giant leverages AI advancements and gaming growth to achieve double-digit revenue increases and announce significant shareholder returns.
- Tencent reported a 90% year-on-year profit increase for Q4 2024, reaching 51.3 billion yuan ($7.1 billion), driven by strong gaming and advertising performance.
- Revenue for the quarter grew 11% year-on-year to 172.4 billion yuan ($23.9 billion), exceeding analyst expectations.
- Domestic gaming revenue surged 23%, while international gaming revenue rose 15%, supported by popular titles like Honour of Kings and PUBG Mobile.
- The company significantly increased AI spending in 2024, dedicating 12% of its revenue to AI-related capital expenditures, up from 4% in 2023.
- Tencent announced plans to repurchase at least HK$80 billion ($10 billion) worth of shares and increase its annual dividend by 32% in 2025.
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