BEIJING ― Chinese internet giant Tencent announced on Wednesday an 82 percent surge in second-quarter net profit, its biggest jump since late 2020, after a resurgence in its gaming business.
Tencent is one of the most valuable players in China's tech industry, operating the country's ubiquitous WeChat messaging and services 'super-app' as well as offerings across gaming, cloud computing and content streaming.However, it posted its lowest annual profit since 2019 earlier this year due in part to stagnating gaming revenue in the final quarter of 2023.The Shenzhen-based company said in a filing to the Hong Kong Stock Exchange that net profit hit $6.
'That was driven by 'increased user engagement at several of our evergreen titles and the successful launches of certain new games,' it said.Decades of meteoric growth that transformed China's tech industry into one of the world's most dynamic came to an abrupt stop in 2020 after Beijing introduced more stringent oversight measures.
Tech Giant Tencent Q2 Net Profits Soar
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