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China’s Tencent Grinds Out Profits Increase in Second Quarter, as Local Games and Economy Slow

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Patrick Frater Asia Bureau Chief Tencent, the Chinese games, social media and streaming giant, reported further quarterly profits recovery after a dire 2022.

But its revenues for the April-June period missed financial analysts’ expectations and point to continued weakness in the Chinese economy.

Group revenues for the period were RMB149 billion ($20.6 billion), representing an 11% year-on-year growth, but a 1% quarter-on-quarter decline.

For the first six months of the year revenues weighed in at RMB299 billion ($41.2 billion), compared with RMB269 billion at the 2022 interim stage.

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