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Tencent profits soar amid COVID-19 pandemic
Chinese internet giant Tencent has posted soaring revenue and profit while many businesses around the world struggle am…
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Chinese internet giant Tencent has posted soaring revenue and profit while many businesses around the world struggle amid the ongoing COVID-19 pandemic.
Total revenue for Q2 2020 was RMB 114.8 billion ($16.2 billion), a 29% increase year-on-year. Profit meanwhile saw a similar growth of 29% year-on-year to RMB 31.2 billion ($4.4 billion)
Online games accounted for roughly one third of Tencent's revenue for the period, increasing by 40% year-on-year to RMB 38.2 billion ($5.5 billion).
The increase was driven primarily by higher revenues from smartphone games in both China and the global market, which saw gross revenue of RMB 35.9 billion ($5.1 billion).
While user engagement on smartphones was up year-on-year, it fell quarter-on-quarter as a result of "seasonality and back-to-office behavior."
PC game revenue fell slightly to RMB 10.9 billion ($1.5 billion). Mobile titles like Peacekeeper Elite and Honour of Kings helped offset this slight revenue decline from games like CrossFire.