Games and Media Lift China’s Tencent to 30% Profit Increase
Strong games, music and media performances between April and June helped China’s Tencent deliver a robust quarterly financial performance through the depths of the coronavirus crisis.
Group revenue in the second quarter was up by 29% to RMB114 billion ($16.3 billion), with net profits climbing by 37% to RMB32.4 billion ($4.63 billion). For the first half of the year, January to June, revenues climbed by 28% to RMB223 billion ($31.9 billion) with profit of RMB61.9 billion ($8.82 billion) up 18%.
The company, which recently saw its massively successful WeChat super-app, as the target of an executive order by U.S. president Donald Trump, said it saw growing business from regular subscribers. At the end of the period, it claimed 203 million paying subscribers to its music, video and library services, with 114 million alone for its streaming video platform.
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