Tencent reports 13% revenue growth in Q3

0 Comment(s)Print E-mail Xinhua, November 11, 2021
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Photo taken on March 19, 2020 shows the interior of Tencent Beijing headquarters at the ZPark Phase 2 in Haidian District of Beijing, capital of China. [Photo/Xinhua]

Chinese internet giant Tencent raked in approximately 142.4 billion yuan (about 22.27 billion U.S. dollars) in total revenue during the third quarter of 2021, up 13 percent year on year, according to a company financial statement released on Wednesday.

The company's net profit, calculated on a non-IFRS basis in order to reflect its core earnings by excluding certain one-time or non-cash items, dropped 2 percent year on year to approximately 31.75 billion yuan during the same period.

Notably, the company's revenues from the fintech and business services sectors increased 30 percent to approximately 43.3 billion yuan in the third quarter, accounting for nearly one-third of its total revenue.

The company also disclosed data regarding its underage game players in its latest financial statement. On Sept. 1, Tencent began implementing a series of measures to comply with China's latest regulations on restricting the gaming time of its underage citizens.

In September, the time minors spent gaming dropped to 0.7 percent of the company's total domestic gaming time recorded, a significant decline from the 6.4 percent recorded in September 2020.

Minors accounted for 1.1 percent of Tencent's total domestic gaming income in September, a sharp decrease from the 4.8 percent recorded in September 2020.

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