Sequentially, the margin increase was mainly due to revenue mix shift to VAS, … Tencent will report first quarter 2020 earnings after the Hong Kong market close on Wednesday.
The increase was primarily driven by greater contributions from in-game virtual item sales as well as digital content services including music streaming and video streaming subscriptions.Online game revenues grew by 31% YoY to RMB37,298 million. SIGN UP COVID-19; Business.
/Reuters
"The pandemic expedited the digitalization of people's way of life.
Tencent made ¥108 billion ($15.2 billion) in Q1 2020 compared to sales of ¥85.4 billion ($12.04 billion) in Q1 2019. Tencent Announces 2020 Second Quarter and Interim Results. But the crown jewel in China's second-most valuable tech firm is facing rising competition from rivals. Chinese web giant Tencent has reported 26 percent growth for Q1 2020, with the novel coronavirus helping things along because customers hunkered down to play its games while in lockdown. Tencent said that it sees "some headwinds" for the online advertising industry this year.Tencent's fintech and business services division, which includes cloud computing, accounts for a quarter of total revenue. The division is made up of revenue from smartphone games and PC games.Analysts at Jefferies expect smartphone game revenue to jump 49% year on year in the first quarter to 31.6 billion yuan thanks to the strong performance of two key titles — "Honor of Kings" and "Peacekeeper Elite." Smart device MAU of QQ decreased by 1% to 693.5 million.WeChat and QQ enabled Tencent’s users to keep connected with their families and friends during the stay-at-home period, and their respective total daily messages and time spent increased at double-digit percentages on a year-on-year basis.Tencent’s communication platforms introduced new functionalities to fulfill evolving user needs in different verticals.
Tencent Music reported a notable year-over-year increase in paid subscribers during Q1 2020, but quarterly earnings fell short of investors' expectations. Brawl Stars’ optimized player-matching algorithm enhanced its user experience.Riot Games released a Teamfight Tactics mobile app, contributing to higher user retention and extended playing time for the League of Legends franchise.
"Meanwhile, PC game revenue fell around 17% to 11.8 billion yuan, which Tencent attributed to the temporary closure of internet cafes and the "soft performance" of a game called "DnF" which stands for "Dungeon & Fighter. Research firm eMarketer said total ad spend in China in 2020 will total $113.67 billion, representing year-on-year growth of 8.4%, the slowest since it started tracking figures in 2011.But Tencent's ad revenue rose to 17.7 billion yuan, up 32% year-on-year and surpassing the 19% growth seen in the fourth quarter of 2019.The Chinese giant recently increased the number of ads that were able to be displayed in the social media part of its "Our online advertising revenue grew year-on-year, reflecting increased consumer time spent on our key apps during the stay-at-home period and the attractive ROIs (return on investments) we delivered to advertisers," Tencent said.Social media advertising saw revenue up 47% year-on-year to 14.6 billion yuan, representing the bulk of total ad sales.
We want to hear from you.Sign up for free newsletters and get more CNBC delivered to your inboxGet this delivered to your inbox, and more info about our products and services. Data is a real-time snapshot *Data is delayed at least 15 minutes. TENCENT Termine - hier erhalten Sie eine Übersicht über alle anstehenden und vergangenen Termine wie Quartalszahlen und Hauptversammlung von TENCENT. Conference call. For mobile games, our studios released attractive content and our publishing teams ran compelling in-game events and activities, resulting in higher DAU (daily active users)," Tencent said in Its flagship games PUBG Mobile and Honor of Kings topped mobile games revenue globally in March, analytics firm Sensor Tower said, reinforcing Tencent's status as the world's largest gaming firm by sales.In-game spending on things like power-ups, object skins and accessories on PUBG Mobile alone surged to 232 million U.S. dollars, more than three times of what the title generated in March 2019.However, Tencent warned that it expected some of the business boosts it enjoyed during lockdowns to be temporary. In total, Tencent generated a net profit of ¥29.4B ($4.15B), up 6% compared to the same period last year. "Games serve important roles in keeping players entertained and connected, especially during the stay-at-home period. 2020.08.12. On Wednesday, May 13, Tencent, -Chinese multinational investment holding conglomerate Tencent Holdings (0700.HK) – released its financial earnings report for the first quarter of 2020. Tencent’s wealth management business expanded at a stable rate in the first quarter, achieving year-on-year and quarter-on-quarter growth in aggregated customer assets.WeiLiDai’s loan book remained healthy, reflecting WeBank’s prudent risk management.Project deployment and new accounts acquisition for Tencent’s cloud business were delayed due to the pandemic, causing a sequential decline in revenue.However, Tencent Meeting achieved breakout success and became a leading video conference app in China. Tencent will report first quarter 2020 earnings after the Hong Kong market close on Wednesday. "Media advertising is expected to remain under pressure due to the negative impact of COVID-19 and macro headwinds, even when facing loosened content regulation on the online video industry," Guotai Junan Securities said in its note.Tighter rules on content from the Chinese government in the past couple of years has hit advertising in that segment. Tencent is very mature in the monetization of its current products," said Liu.Tencent's overall revenue jumped 26 percent to 108.07 billion yuan, while net profit rose six percent to 28.90 billion yuan for the three months through March, both ahead of the estimates, Refinitiv data showed.Copyright © 2020 CGTN. Other Significant News Releases. Leveraging Tencent’s extensive reach to consumers and merchants, Tencent assisted local governments and merchants in distributing eVouchers to expedite the recovery in consumption, especially for retailers and restaurants.Social network revenues increased by 23% YoY to RMB25,131 million.
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