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Tencent Holdings on Wednesday reported a 7 percent increase in revenue in the fourth quarter of 2023, falling short of analysts' expectations.

The world's largest video game company and operator of the WeChat messaging platform realized revenue of 155.19 billion yuan ($21.56 billion) against 157.2 billion yuan expected.

Net profit fell 75 percent year-on-year to 27 billion yuan last quarter.

Just a year earlier, Tencent benefited from the sale of its stake in Meituan, which brought in 107 billion yuan at the time.

Incidentally, the full year did not disappoint, with revenue up 10 percent to 609 billion yuan and profits up 37 percent. At games international, sales grew 14 percent to 53.2 billion yuan. The home market grew 2 percent to 126.7 billion yuan, while revenue from social networks (WeChat) rose one percent to 118.5 billion yuan.

Growth was further for online advertising revenue, which rose 23 percent year-on-year, and in fintech, revenue rose 15 percent.

Yesterday, the results of Tencent Music Entertainment Group were already published. That saw a sharp increase in the number of subscribers to its audio platform (similar to Spotify).

The number of paying users rose to 106.7 million, up 21 percent from the same period last year.

Tencent Music reported revenue of 6.89 billion yuan ($957.06 million) for the final quarter of 2023, down 7.2 procebnt from the same period last year.

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