Tencent reports revenue, net profit increases in 2023

Chinese internet giant Tencent saw year-on-year revenue and net profit increases in 2023, according to financial results the company released on Wednesday.

Tencent raked in 609 billion yuan (about 86 billion U.S. dollars) in revenue in 2023, up 10 percent year on year, and it made a net profit of 157.7 billion yuan, up 36 percent.

Fintech and business services revenues contributed most to the company’s total revenue, bringing in 203.76 billion yuan last year, and its gaming revenue was 179.9 billion yuan.

For the fourth quarter, the company reported 155.2 billion yuan in revenue, up 7 percent over the fourth quarter of 2022. The respective growth rates of Tencent's gross, operating and net profits were 25 percent, 35 percent and 44 percent — all exceeding the growth rate of its revenue.

"In 2023, we achieved breakthroughs in a number of products and services," said Ma Huateng, chairman and CEO of Tencent. He noted that the total user time logged by Tencent video accounts had more than doubled, enhancements to the company’s AI advertising model had improved its targeting performance significantly, and international contributions to its gaming revenue had climbed to a record 30 percent.

“These developments drove high-quality revenue streams which fueled our gross profit growth of 23 percent,” Ma said.