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Tencent made $7.4 billion in profit in Q1 2021; a huge jump of 65%

Tencent's management style and business model have proven to be very resilient.


Tencent made $7.4 billion in profit in Q1 2021; a huge jump of 65% | BEAMSTART News

Tencent, the largest technology conglomerate in China, has had a good first quarter.

The company's Q1 2021 profit jumped by over 65% to $7.4 billion, on the back of $21 billion in revenue.

Key Highlights

  • Tencent's Q1 2021 revenues beat analysts estimates, hitting $21 billion with $7.4 billion in profit.
  • A large part of the growth in revenues was from the company's Gaming, Fintech, and Cloud business units.
  • According to CEO, Pony Ma, Tencent will increase investments in enterprise software, high-production-value games, and short-form video entertainment.

Why It Matters

  • Tencent's grip over China's population continues to strengthen as the company's service extends to all facets of everyday life — communication, social media, entertainment, business services, payments, and more.
  • The company's management style has also proven to be resilient despite it being a target of China's antitrust regulators.
  • Outside China, the company also faces heavy competition from ByteDance, especially with apps like TikTok slowly creeping in on Tencent's social media market dominance.

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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