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.


Alfred Lee

25 May, 2021

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.

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Alfred Lee

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

Based in Malaysia

Works at BEAMSTART

Education Not Specified

beamstart.com

Also Mentioned

Tencent

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

Related Topics

China

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