Chinese internet giant Tencent says net profit jumps 82% in Q2

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Chinese internet giant Tencent on Wednesday announced an 82 percent jump in net profit in the second quarter, the biggest increase since late 2020.

The Shenzhen-based company said in a filing with the Hong Kong Stock Exchange that its net profit in the April-June period was $6.7 billion, compared with $3.7 billion in the same period last year.

The company’s sales rose eight percent year over year to $22.5 billion.

“Our second-quarter 2024 results demonstrated the strengths of our platform and content strategy,” the company said in the filing.

“Looking ahead, we will continue to invest in our platforms and technologies, including artificial intelligence, which will enable us to create new business value and better serve user needs,” it added.

Tencent is one of the most valuable players in China’s technology market, operating the country’s ubiquitous messaging “super app” WeChat as well as a diverse range of offerings spanning gaming, cloud computing and streaming content.

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