Tencent reports 13% revenue growth in Q3

Chinese Internet giant Tencent raked in approximately 142.4 billion yuan (about $22.27 billion) in total revenue during the third quarter of 2021, up 13 per cent year on year.

The company's net profit, calculated on a non-IFRS basis in order to reflect its core earnings by excluding certain one-time or non-cash items, dropped 2 per cent year on year to approximately 31.75 billion yuan during the same period.

Notably, the company's revenues from the fintech and business services sectors increased 30 per cent to approximately 43.3 billion yuan in the third quarter, accounting for nearly one-third of its total revenue.

The company also disclosed data regarding its underage game players in its latest financial statement. On September 1, Tencent began implementing a series of measures to comply with China's latest regulations on restricting the gaming time of its underage citizens, reports Xinhua news agency.

In September, the time minors spent gaming dropped to 0.7 per cent of the company's total domestic gaming time recorded, a significant decline from the 6.4 percent recorded in September 2020.

Minors accounted for 1.1 per cent of Tencent's total domestic gaming income in September, a sharp decrease from the 4.8 per cent recorded in September 2020 - IANS