Tencent's quarterly profit increased by 41%, but was below expectations

The Chinese holding company Tencent has published a report for the second quarter of 2023, which ended on June 30. The company earned less than analysts expected.

Tencent reported revenue of 149.2 billion or $20.6 billion, which is 11% more compared to the second quarter of 2022. However, as Reuters notes, this is below the average analyst estimate of ¥151.73 billion ($20.8 billion).

▪️Profit for holders of Tencent ordinary shares amounted to ¥26.2 billion ($3.6 billion). Analysts expected to see a figure of ¥33.41 billion ($4.58 billion).

Game sales in China have not changed compared to last year and amounted to 31.8 billion ($4.36 billion). Tencent also indicated that the indicators of MAU and DAU games for PC and mobile devices have increased, but did not specify by how much.

▪️Sales of games on the international market increased by 19% to ¥12.7 billion ($1.74 billion).

▪️As of June 30, 104,503 people worked at Tencent. A year ago, there were 110,715 employees.