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Tencent reports 13% revenue growth in Q3

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Beijing, Nov 11 (IANS) Chinese Internet giant Tencent raked in approximately 142.4 billion yuan (about $22.27 billion) in total revenue during the third quarter of 2021, up 13 per cent year on year.

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 per cent year on year to approximately 31.75 billion yuan during the same period.

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Notably, the company’s revenues from the fintech and business services sectors increased 30 per cent 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 September 1, Tencent began implementing a series of measures to comply with China’s latest regulations on restricting the gaming time of its underage citizens, reports Xinhua news agency.

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In September, the time minors spent gaming dropped to 0.7 per cent 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 per cent of Tencent’s total domestic gaming income in September, a sharp decrease from the 4.8 per cent recorded in September 2020.

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–IANS

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