According to the financial news from Zhitong Finance APP, Tencent Holdings Limited (00700) announced its financial results for the second quarter of 2024. The revenue was RMB 161.117 billion (same below), an 8% year-on-year increase and a 1% increase from the previous quarter. The gross profit was RMB 85.895 billion, a 21% year-on-year increase and a 2% increase from the previous quarter. The net profit attributable to equity holders of the company was RMB 47.63 billion, an 82% year-on-year increase and a 14% increase from the previous quarter. The net profit attributable to equity holders of the company under non-international financial reporting standards was RMB 57.313 billion, a 53% year-on-year increase and a 14% increase from the previous quarter; basic earnings per share were RMB 5.112.
In the first half of 2024, the company achieved a revenue of RMB 320.618 billion, a 7% year-on-year increase. The gross profit was RMB 169.765 billion, a 22% year-on-year increase; the net profit attributable to equity holders of the company was RMB 89.519 billion, a 72% year-on-year increase; the net profit attributable to equity holders of the company under non-international financial reporting standards was RMB 107.578 billion, a 53% year-on-year increase; basic earnings per share were RMB 9.59.
The announcement stated that the performance of the second quarter of 2024 demonstrated the advantages of the group's platform and content integration strategy. The company's domestic market game revenue recovered growth, while international market game revenue accelerated growth, benefiting from the increased engagement of several evergreen game users and the successful release of several new games. By adapting self-produced TV dramas from online literature IP, Tencent Video achieved significant growth in audience and paid membership numbers. Looking ahead, the group will continue to invest in platforms and technologies including AI to create new business value and better serve user needs.
Specifically, the revenue of value-added services in the second quarter of 2024 increased by 6% to RMB 78 billion. This was driven by the strong performance of &#34;PUBG MOBILE&#34; and the popularity of Supercell's games, with international market game revenue increasing to RMB 13.9 billion, representing a 9% increase in both reported and fixed exchange rates. The growth rate of total game revenue in the international market significantly exceeded the revenue growth rate. Domestic market game revenue recovered year-on-year growth, increasing by 9% to RMB 34.6 billion, mainly due to the revenue growth of &#34;Fearless Alliance&#34; and the successful release of &#34;Dungeon &amp; Warriors: Origin&#34;. The growth rate of total game revenue in the domestic market exceeded the revenue growth rate. Social network revenue increased by 2% year-on-year to RMB 30.3 billion, benefiting from the increase in music and long video paid membership revenue, as well as the increase in service fees from mini-games platform and mobile game virtual goods sales, partially offset by the decline in revenue from music live streaming and game live streaming services.
The revenue of online advertising business in the second quarter of 2024 increased by 19% to RMB 29.9 billion mainly driven by the growth in revenue from video accounts and long videos. Due to the reduction in advertising budgets of some internet service companies, the revenue of the mobile advertising alliance decreased year-on-year.
The revenue of financial technology and enterprise services business in the second quarter of 2024 increased by 4% to RMB 50.4 billion. The growth rate of financial technology service revenue slowed to low single-digit percentages, and the further slowdown in commercial payment revenue growth reflected slow growth in consumer spending. The decline in revenue from consumer loan services was due to the improvement in risk control measures, while revenue from wealth management services achieved double-digit percentage growth. The revenue of enterprise services business achieved a growth rate of more than ten percentage points, benefiting from the growth in cloud service revenue (including the commercialization enhancement of WeChat for Enterprises) and the growth in technical service fees for video accounts merchants
The growth in gross profit in the second quarter was driven by the increase in high-margin revenue sources such as domestic market game revenue, video ad revenue, small game platform service fees, and video merchant technical service fees. The growth in gross profit from long video business and cloud service business also contributed to the overall gross profit growth. The gross profit margin increased from 47% in the same period last year to 53%.
As of June 30, 2024, the combined monthly active accounts of WeChat and WeChat reached 1.371 billion, a year-on-year increase of 3%; the mobile terminal monthly active accounts of QQ reached 571 million, remaining flat year-on-year; the registered accounts for fee-based value-added services reached 263 million, a year-on-year increase of 12%

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Tencent Holdings Limited announced its financial results for the second quarter of 2024, with revenue of RMB 161.117 billion, an 8% year-on-year increase. The company's non-IFRS profit reached RMB 57.313 billion, a 53% year-on-year increase. Total revenue for the first half of the year was RMB 320.618 billion, a 7% year-on-year increase. Benefiting from the recovery of game revenue and the successful launch of new games, Tencent will continue to invest in platforms and technologies, including AI, to create business value. Social network revenue also saw growth

- Tencent Holdings (00700) announced its Q2 2024 performance, with revenue at RMB 1611.17 billion, up 8% YoY and 1% QoQ. Net profit attributable to equity holders rose by 82% YoY to RMB 476.3 billion. The company emphasized the success of its platform-content integration strategy, noting growth in local and international gaming revenue and a significant increase in Tencent Video's audience and paid memberships.
- Looking ahead, Tencent plans to continue investing in technology, including AI, to enhance user services and create new business value. In Q2 2024, value-added services revenue grew by 6% to RMB 788 billion, driven by strong performances in international gaming markets and the recovery of local gaming revenue.
- Social network revenue increased by 2% to RMB 303 billion, while online advertising revenue surged by 19% to RMB 299 billion, primarily due to growth in video and long video revenues. Financial technology and enterprise services revenue grew by 4% to RMB 504 billion, with varying growth rates in different service segments.

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Tencent Holdings Limited's second-quarter non-IFRS net profit attributable to equity holders of the company was RMB 57.313 billion, a year-on-year increase of 53%