Q3 2024 Tencent Holdings Ltd Earnings Call Transcript
Key Points
- Tencent Holdings Ltd (TCEHY) reported robust revenue growth in its Games business, driven by consistent performance of evergreen games and new titles with potential.
- The company upgraded its e-commerce strategy around mini shops, enhancing the transaction experience within the Weixin ecosystem.
- Total revenue for the third quarter was RMB167 billion, marking an 8% year-on-year increase, with gross profit up 16% year-on-year.
- Tencent Holdings Ltd (TCEHY) saw improved profitability in its cloud services, contributing to overall gross profit growth.
- The company is leveraging AI across products and operations, including marketing services and cloud, and continues to invest in AI technology.
- International games revenue growth lagged behind gross receipt growth due to elongation of the revenue deferral period.
- The average value per transaction in FinTech services declined, despite an increase in the number of commercial payment transactions.
- Finance costs increased by 27% year-on-year due to exchange losses compared to gains in the same period last year.
- The company faced challenges in the real estate and food and beverage categories, impacting marketing services revenue.
- There is uncertainty regarding the timing of economic recovery, despite positive policy directions from the Chinese government.
Good day, and good evening. Thank you for standing by. Welcome to Tencent Holdings Limited 2024 third quarter results announcement webinar. I'm Wendy Huang from Tencent IR team. (Operator Instructions) And please be advised that today's webinar is being recorded.
Before we start the presentation, we would like to remind you that it includes forward-looking statements, which are underlined by a number of risks and uncertainties and may not be realized in the future for various reasons. Information about general market conditions is coming from a variety of sources outside of Tencent.
This presentation also contains some unaudited non-IFRS financial measures that should be considered in addition to, but not as a substitute for, measures of the group's financial performance prepared in accordance with IFRS. For a detailed discussion of risk factors and non-IFRS measures, please refer to our disclosure documents on the IR section of our website.
Now let me introduce the management team on webinar tonight. Our Chairman and
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