Tencent made a profit of $24.5 billion in 2020; 71% higher than 2019 despite the pandemic

Tencent's revenue was 28% higher than 2020's

Kenneth Ho

26 Mar, 2021

Tencent made a profit of $24.5 billion in 2020; 71% higher than 2019 despite the pandemic | BEAMSTART News

Tencent, one of China's largest tech companies, continues to grow despite the global pandemic and travel slowdowns.

The tech giant posted revenues of $74.4 billion for 2020, 28% higher than the previous year's.

Tencent's profitability has also surged significantly compared to the previous year's, jumping by 71% to $24.5 billion.

In an earnings call with CEO Pony Ma, he mentions that a majority of the company's revenues come from online entertainment, social media, and investments from its FinTech/payments unit.

Tencent headquarters in Shenzhen, China.

Tencent is more than social media today

Tencent has been diversifying its revenue streams significantly in recent years, moving from a pure social networking company into financial technology, gaming, as well as mini programs on WeChat.

WeChat has posted continued growth year-on-year, with over 1.2 billion active accounts at the end of 2020 — more than China’s entire population.

The company is also one of the largest game development giants in the world, with over 29% of revenues coming from its gaming unit.

Tencent is one of the largest game development companies in the world.

Tencent is facing regulatory scrutiny

While Tencent has continued its upwards trajectory of profitability and market dominance, regulators fear that the tech giant may be becoming too powerful to handle.

Much of the scrutiny originates from the planned merger between 2 of Tencent's game live-streaming platforms, which drew the attention of regulators for monopolistic tendencies.

CEO Pony Ma also added in the earnings call that Tencent is actively cooperating with regulators regarding antitrust investigations, and are working to ensure the company does not suffer a similar fate to Alibaba's Ant Group.

“The strategic focus for our fintech business is to work closely with regulators and collaborate with industry partners to deliver compliant and inclusive fintech products, while prioritizing risk management over scale,” reads the earnings report.

Latest Jobs

Business Development Intern


Damansara Uptown, Malaysia


MYR 400 — MYR 500 monthly

HR Consultant/Recruiter

Fortune Cookie Wisdom Pte Ltd

Remote, Singapore

Contract / Freelance

Salary Undisclosed

Business Development Manager


Kuala Lumpur, Malaysia

Full Time

Salary Undisclosed

HR Generalist


HR Generalist , Singapore

Full Time

USD 2000 — USD 5000 monthly

Online English Teacher


Remote, United Kingdom

Contract / Freelance

Salary Undisclosed

Strategy and Growth Lead


Jakarta, Indonesia

Full Time

Salary Undisclosed

UI/UX Designer

Soft Space

Kuala Lumpur, Malaysia

Full Time

Salary Undisclosed

Senior Analyst, Product


Petaling Jaya, Singapore

Full Time

Salary Undisclosed

Finance Associate, OTC


Petaling Jaya, Malaysia

Full Time

MYR 4000 — MYR 8000 monthly

Senior Data Scientist


Kuala Lumpur, Malaysia

Full Time

Salary Undisclosed

BEAMSTART is a hub for everything Startups, Entrepreneurship, and Innovation. Connect with a global community of people, and stay updated with the latest news, events, and opportunities.


Download the Community App

Connect with the BEAMSTART Entrepreneurship Community from the palm of your hands. Connect with CEOs/Founders, Investors, Business Leaders, and Professionals. Download below to instantly form partnerships and discover opportunities:

PlayStore ButtonAppStore Button

© 2016 - 2022 BEAMSTART. All Rights Reserved (Legal).