Tencent posted $22 billion in revenue in Q3 2021, a 13% uptick compared to the same period last year.
The China-based conglomerate’s value-added services segment — which includes video games — generated $11.7 billion in revenue during the quarter, an 8% increase year-over-year.
Tencent saw growth in Q3 despite a crackdown on tech companies and video game usage by Chinese regulators.
Since last year, Tencent has faced scrutiny over its failure to report details of several investments and other anticompetitive practices. The adversity continued in August when China limited the amount of time children can play video games to three hours a week.
A month later, Tencent and NetEase lost more than $60 billion in combined market value after regulators informed gaming companies about plans to delay approvals for new online games.
Despite the challenges, Tencent remains a global leader in gaming.
- It took a majority stake in Berlin-based game maker Yager in June.
- The company acquired British gaming company Sumo Group in July for $1.27 billion.
- It’s building a streaming platform after its merger of Huya and DouYu was blocked.
Shares of Tencent were up as much as 4% on Wednesday.