Chinese tech major Tencent reported earnings on Wednesday with revenues up 20% and 23% to CNY 138.3bn ($21.4bn) and CNY 273.6bn ($42.3bn) for Q2 and H1 respectively. Revenue growth for the quarter was driven by:
- Games, up 12% to CNY 43bn ($6.6bn) led by games such as Honour of Kings, PUBG Mobile, Valorant, Clash of Clans and Moonlight Blade Mobile
- FinTech and Business Services, up 40% to CNY 41.9bn ($6.45bn) led by an increase in digital payment transactions.
- Online Advertising, up 23% to CNY 22.8bn ($3.5bn) that reflects increased demand from advertisers from internet services and consumer staples coupled with consolidation of Bitauto’s ad revenues
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