Chinese tech titan Tencent brings in $73bn revenue in 2020

Chinese tech giant Tencent brought in 482 billion RMB ($73 billion) in revenue in 2020, an increase of 28% year-on-year.

Tencent’s subsidiaries include messaging app WeChat, QQ, QQ Music, Tencent Video, Honor of Kings and Game for Peace. Many of these platforms have seen a surge in users as the pandemic has increased demand for online entertainment and communication. The monthly active users of WeChat reached 1.225 billion at the end of 2020, a year-on-year increase of 5.2%. However, QQ witnessed a drop of 8.1% to 595 million monthly active users.

The company’s total revenue for Q4 was 133.67 billion RMB ($20.5 billion) in Q4 2020, just above the market expectation of 133.07 billion RMB ($20.4 billion). Tencent’s Q4 financial report revealed that net profit had increased by 175% to 59.3 billion RMB.

The key businesses which contributed to its revenue in Q4 were:

  • Value-added services: 67 billion RMB, 28% year-on-year increase
  • Online game revenue: 39.1 billion RMB, 29% year-on-year increase. Of which, overseas game revenue amounted to 9.8 billion RMB
  • Online advertising revenue: 24.7 billion RMB, 22% year-on-year increase
  • Financial technology and corporate services: 38.5 billion RMB, 29% year-on-year increase

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