Patrick Frater Asia Bureau Chief China’s entertainment, social media and technology giant Tencent, renewed its profits growth in the first quarter of 2023, after reporting its first decline in 2022.
And group revenue beat financial market estimates as China’s post-COVID reopening boosted economic activity. Overall revenues in the three months from January to March 2023 reached RMB150 billion ($21.4 billion), an increase of 11% year-on-year and 3% quarter-on-quarter.
Net profits in the period came in at RMB25.8 billion ($3.69 billion), a 10% year-on-year improvement. The group is the world’s largest games firm in revenue terms and saw a return to growth in that sector.
It saw growth in music subscriptions, where it already leads the China market. But it may have lost its crown as the Middle Kingdom’s leading long-form video streamer. “Long-form video subscriptions decreased 9% year-on-year to 113 million while subscription revenue decreased 6% year-on-year, primarily due to delayed content releases.
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