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Profits Slide at China’s Tencent as 2023 Revenues Hold Steady
Profits slide at China’s games, social media and video giant Tencent in 2023 as its revenues hold steady.
The group is directly affected by weakness in the mainland Chinese economy, which has recovered only slowly since the end of the COVID pandemic, and by ongoing regulatory concerns. “In 2023, we achieved breakthroughs in a number of products and services, as Video Accounts’ total user time spent more than doubled, enhancements to our advertising AI model significantly improved our targeting performance, and international contribution to our games revenue reached a record 30%. These developments drove high-quality revenue streams which fueled our gross profit growth of 23% and supported our plan to step up capital returns to shareholders,” said management in a regulatory filing.
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