Chinese company Tencent announced increased revenue and earnings for the third quarter of 2024, mainly driven by the growth of its gaming division.
Domestic Gaming Growth at Tencent
According to Tencent, domestic gaming revenue rose 14% to $1.84 billion, which is higher than previous quarters and marks two consecutive quarters of growth after a period of decline. This success was bolstered by the release of Dungeon & Fighter Mobile and the PC hit Black Myth: Wukong.
Investments in AI and Cloud Services
Fintech and cloud services reported modest growth of 2% to $7.35 billion amidst weak consumer spending in China. The company has reinforced its AI investments to use them in both cloud and fintech products, enhancing efficiency and revenue. Tencent's CEO noted significant benefits from applying AI in the company's operations.
New Projects and Future Plans
At the Tencent Global Digital Ecosystem Summit, the company unveiled a number of new cloud and AI offerings. In November, the company said it was planning to invest $500 million for a third data center in Indonesia as part of its partnership with GoTo Group and Alibaba Group.
Tencent continues to show sustained growth driven by strategic investments in gaming and AI. Its steady development of new projects and expansion into international markets underpins its leading position in the industry.
