Tencent's Q3 Revenue Rises 10% YoY to $21.5B Amid Games Recovery

Profit down 5% YoY but up 38% from Q2; Online advertising revenues surge 20% YoY

Tencent's Q3 revenue increased by 10% year-on-year to RMB154 billion ($21.5 billion), driven by a recovery in its games business and robust online advertising sales.
Profit for the period was RMB36.8 billion ($5.14 billion), down 5% year-on-year, but a 38% improvement on the group’s second quarter.
International Games revenues increased by 14% to RMB13.3 billion, with notable contributions from 'PUBG Mobile,' 'Goddess of Victory: Nikke,' 'Valorant' and 'Triple Match 3D.'
Revenues from online advertising were RMB25.7 billion for the third quarter of 2023, up 20% year-on-year, propelled by robust advertising demand for social media video accounts, mobile ad network and Weixin Search.
Tencent is increasing investment in AI models, providing new features to products and enhancing targeting capabilities for both content and advertising.