Tencent generated $21.5 billion in revenue in Q2 2021, a 20% increase compared to the same period a year prior.
The results were driven by Tencent’s value-added services segment, which consists of video games, online advertising, and social networks.
- The segment saw revenue reach $11.1 billion in Q2, an 11% increase year-over-year.
- The company’s gaming business alone took in $6.6 billion in revenue, a 12% uptick compared to Q2 2020, due to strong sales for games such as “Honor of Kings” and “PUBG Mobile.”
Tencent beat Wall Street estimates for the quarter despite concerns fueled by China’s antitrust regulator.
Since last year, the company has faced scrutiny over its failure to report details of several investments and other anticompetitive practices.
Last month, Tencent was blocked from merging China’s two most popular video game streaming sites, Huya and DouYu, which are worth a combined $6 billion.
It did, however, successfully acquire British gaming company Sumo Group for $1.27 billion.
All in all, Tencent has invested in 62 companies since the start of 2021. It reported $42.3 billion in revenue for the first half of the year, up 23% compared to H1 2020.