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China's Tencent grows by 29%; generates $19 billion in revenue for Q3 2020.

The company generated $5.8 billion in profit for the quarter too.


China's Tencent grows by 29%; generates $19 billion in revenue for Q3 2020. | BEAMSTART News

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Tencent, the Chinese company behind popular instant messaging app, WeChat, continues to soar in growth.

The company said it generated 125.4 billion yuan ($18.9 billion) in revenue for Q3 2020, up 29% from the same period last year of 97.2 billion yuan ($14.7 billion).

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It also recorded 38.5 billion yuan (US$5.8 billion) in profit for Q3 2020, rising tremendously by 89% from 20.4 billion yuan ($3.1 billion) during the same period last year.

Tencent Headquarters in Shenzhen, China

A large part of Tencent's growth has come from online games, especially with the rise of mobile users coupled with the pandemic in the recent months. 

The company's online games business grew by 45% to 41.4 billion yuan ($6.3 billion), while social networking revenues grew by 29% to 28.4 billion yuan ($4.3 billion). Online advertising came in last, at 21.4 billion yuan ($3.2 billion), up 16% compared to last year.

Fintech business services have grown significantly over the years, now accounting to 26% of the company's total revenue at 33.3 billion yuan ($5 billion). A large part of growth is attributed to WeChat Pay and wealth management services.

“This quarter marked the second anniversary of our strategic organization upgrade, which was intended to enhance our strength in consumer internet and extend our presence to industrial internet,” said Ma Huateng, Tencent’s chairman and CEO, in a statement.

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ABOUT THE AUTHOR

Alfred Lee

Journalist at BEAMSTART. I write about breaking business news in the region.

Based in Malaysia

Works at BEAMSTART

ALSO MENTIONED IN THIS POST

Tencent

Tencent is a Chinese internet service portal offering value-added internet, mobile, telecom, and online advertising services.

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