Tencent reports rising revenues, net profits in Q3

Chinese Internet giant Tencent has reported year-on-year increases in revenue and net profit during the third quarter of 2023.

Tencent raked in more than 154.6 billion yuan (US$21.5 billion) in revenue during the third quarter, up 10 percent year on year, according to the company's financial results released on Wednesday.

Its net profit rose 39 percent year on year to over 44.9 billion yuan during the same period.

Wednesday's report noted that revenue from fintech and business services grew 16 percent year on year to 52.05 billion yuan, becoming Tencent's main growth engine. Meanwhile, game revenue increased 7 percent year on year to 46 billion yuan, while revenue from advertising registered a 20-percent year-on-year growth to 25.72 billion yuan.

In the third quarter, Tencent invested 16.45 billion yuan in research and development (R&D), the report said, adding that the company has poured in more than 253 billion yuan in R&D since 2018.