Copyright © Emerce 2023

Chinese Internet giant Tencent, which runs the world's largest messaging app WeChat, is on the road to recovery after its first revenue drop in 2022.

First-quarter revenue was 159.5 billion Chinese yuan ($22 billion) versus 158.4 billion yuan expected. Profit attributable to shareholders was 41.9 billion yuan versus 36.64 billion yuan expected.

Tencent's adjusted net profit rose 62% year-on-year, the fastest growth since the March 2021 quarter(pdf).

With the exception of the VAS unit,which is involved in online gaming, among other things, revenue increased for all operations. In fintech, revenue growth was 7 percent and in online advertising as much as 26 percent.

Tencent Music Entertainment, China's largest online music company, also became more profitable in the first quarter of 2024.

Although revenue in the January-March quarter fell to $937 million, after-tax profit rose 28 percent to $212 million.

The number of monthly active users fell 2 percent to 592 million. But users who paid for streaming increased 20 percent from 94.4 million to 114 million.

© The Content Exchange, source News