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Tencent Reports 90% Profit Surge in Q4 2024, Driven by Gaming and AI Growth

The Chinese tech giant exceeded revenue expectations, expanded its gaming portfolio, and launched new AI models, solidifying its position in a competitive market.

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Chinese internet and gaming giant Tencent's 2024 fourth-quarter profit surged 90 percent as it accelerates a push into artificial intelligence
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Overview

  • Tencent's Q4 2024 profit rose 90% year-on-year to 51.3 billion yuan, surpassing market expectations.
  • Revenue for the quarter reached 172.4 billion yuan, exceeding Refinitiv's estimate of 168.9 billion yuan.
  • Domestic gaming revenue grew 23%, boosted by hit titles like Honour of Kings and Peacekeeper Elite, while international gaming revenue increased 15%.
  • Tencent launched the Hunyuan3D-2.0 AI model, capable of converting text or images into 3D graphics, and unveiled the Turbo S model in February 2025.
  • The company continues to integrate AI technologies, including DeepSeek's R1 model, into products like WeChat and its AI chatbot Yuanbao, amid intense competition with Alibaba and Baidu.