Tencent Holdings Q3 Earnings Report

BEIJING (Reuters) – Chinese technology giant Tencent Holdings posted an 8% rise in third-quarter revenue, extending momentum in its gaming business, while growth in its fintech segments softened amid China's economic headwinds.

Tencent, the world's largest video game company and operator of the WeChat messaging platform, reported revenue of 167.19 billion yuan ($23.14 billion) for the quarter ended Sept. 30, in line with the average analyst estimate of 167.8 billion yuan, according to LSEG data.

Gaming Performance

• Domestic gaming revenue rose 14% to 37.3 billion yuan, marking two consecutive quarters of growth.
• International gaming revenue increased 9% to 14.5 billion yuan.
• Key contributors included "Dungeon & Fighter Mobile," launched in May, and the new shooting game "Delta Force," released in September.
• The earlier August release of "Black Myth: Wukong," based on the Chinese classic "Journey to the West," also boosted Tencent's investment portfolio.

Fintech and Cloud Services

Tencent's fintech and cloud services reported modest growth of 2% to 53.1 billion yuan, with declines in its payments business due to weak consumer spending in China.

Marketing Services

Revenue from its marketing services unit grew 17% to 30 billion yuan.

Net Income

Tencent's net income rose 47% to 53.23 billion yuan, exceeding analysts' average expectations of 52.89 billion yuan, according to LSEG.

($1 = 7.7791 Hong Kong dollars)
($1 = 7.2242 Chinese yuan renminbi)