Chinese Internet Giant Tencent Says Net Profits Up 82% In Q2

Umer Jamshaid Published August 14, 2024 | 02:50 PM

Beijing, (APP - UrduPoint / Pakistan Point News - 14th Aug, 2024) Chinese internet giant Tencent on Wednesday announced an 82 percent surge in second-quarter net profit, its biggest jump since late 2020.

The Shenzhen-based company said in a filing to the Hong Kong stock exchange that net profit hit $6.7 billion in April-June, compared with $3.7 billion in the same period last year.

Its sales rose by eight percent year-on-year to $22.5 billion.

"Our second quarter 2024 results demonstrated the strengths of our platform plus content strategy," the firm said in the filing.

"Looking forward, we continue to invest in our platforms and technologies including AI, enabling us to create new business value and better serve user needs," it added.

Tencent is one of the most valuable players in China's tech industry, operating the country's ubiquitous messaging and services "super-app" WeChat as well as diverse offerings across gaming, cloud computing and content streaming.