Tencent Q4 Results, Net Profit Up 44%

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Tencent, the giant Chinese internet company, announced a 10% rise in revenue in 2023, bringing in a total of 609 billion yuan ($86 billion). The company’s income from gaming was 179.9 billion yuan, and its revenue from online ads increased by 21% to 29.8 billion yuan. Revenue from business and fintech services increased by 15% to 54.5 billion yuan.

Expanding its gaming business proved difficult for the company, especially in China’s home market which saw an industry-wide decline of 3% in revenues. Tencent saw its net profit increase by 44% year on year, to around 157.7 billion yuan ($21.9 billion). In 2024, Tencent will greatly increase its buyback program, planning to repurchase over HK$100 billion ($12.78 billion) worth of shares, more than doubling its 2023 total of HK$49 billion.

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Our team at Eastern Finance is made up of young and knowledgeable professionals who are here to provide you with business news from an eastern perspective.

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