Tencent has published a report for the first quarter of 2024. The Chinese holding company as a whole showed excellent results in terms of revenue and profit, but everything was not smooth for the gaming division.

Honor of Kings

  • Tencent's revenue for January-March 2024 amounted to 159.5 billion yuan ($22.5 billion). Growth of 6% in annual terms.
  • Compared to last year, the holding's net profit increased by 62%, reaching 42.7 billion yuan ($5.9 billion).
  • Games accounted for 30% of the holding's quarterly revenue — 48.1 billion yuan ($6.6 billion).

How Tencent's revenue was distributed by segment

  • Game sales in China fell by 2% to 34.5 billion yuan ($4.78 billion). This is due to a decrease in revenue of two key Tencent games in the Chinese market — Honor of Kings and Peacekeeper Elite. At the same time, gross receipts for Fight of the Golden Spatula, CrossFire Mobile and Arena Breakout rose to an all-time high.
  • Sales of games on the international market increased by 3% to 13.6 billion yuan (1.88 billion dollars). The growth was achieved largely thanks to Supercell games. In particular, the gross revenue of Brawl Stars has quadrupled over the year, and the daily audience of the game has doubled. Tencent is also pleased with the success of PUBG Mobile (gross revenue increased by double-digit percent) and Warframe (gross revenue increased by 70%).
  • As of March 30, 2024, 104,787 people worked at Tencent. A year ago, there were 106,221 employees.
Tencent's report for the first quarter of 2024
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