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Monday, February 26, 2024
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Tencent Revenue Grows At Slowest Pace Ever

Tencent
Tencent/Design: Alex Brooks

Tencent reported fourth-quarter revenue of $22.62 billion, an 8% increase from the same period last year — the slowest revenue growth for the world’s largest video game developer since 2004, the year it went public. 

Profit “attributable to equity holders of the company” increased 60% year-over-year to roughly $14.9 billion, beating analysts’ estimates of around $4.8 billion.

The technology giant also had its slowest-ever annual growth due in part to Beijing’s new regulatory gaming restrictions, with revenue increasing 16% from 2020 to roughly $87.9 billion.

Tencent’s online games segment has been the company’s largest revenue driver, but domestic regulations enforced last year slashed the amount of time children under 18 could play each day. The company said total time minors spent on its games fell 88%.

  • The company has yet to release a game since July — each title needs regulatory approval by authorities.
  • Thanks to previous titles such as “Honor of Kings” and “Call of Duty Mobile,” domestic games revenue increased 1% to around $4.6 billion, while international games revenue jumped 34% year-over-year to around $2.1 billion.

The Whole Picture

The company’s fintech and businesses services division, which includes its WeChat Pay business and cloud computing unit, increased 25% year-over-year. Advertising revenue for Tencent has also been affected by Beijing’s regulations, falling 13% year-over-year to roughly $3.4 billion.

CNBC reported that Tencent has lost roughly $470 million in market value since its peak last year.

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