Chinese tech conglomerate Tencent Holdings reported second-quarter revenue of 161.12 billion yuan ($22.5 billion), exceeding expectations of revenue of 160.77 billion yuan according to LSEG data. This is an 8% rise in revenue from the previous quarter.
Tencent’s revenue rise was largely driven by its resurging gaming business. In May, the company released the long-anticipated “Dungeon & Fighter Mobile” mobile game which surged to the top-grossing charts on Apple’s iOS platform in China as revealed by industry data. From April to June, domestic gaming revenue reached 34.6 billion yuan, a 9% rise, while international gaming revenue also rose 9% to 13.9 billion yuan.
HK $52.3 billion ($6.71 billion) was spent on share repurchases during the first six months of 2024, Tencent confirmed. The company has pledged to spend over HK$100 billion on share repurchases for the entirety of 2024, more than doubling the HK$49 billion spent the previous year.
Tencent’s second-quarter financial results show a stable economic recovery following two back-to-back quarters of falling revenue. This was largely spurred by the successful launch of several new video games by competitors, while Tencent was largely muted during this period.