On May 14th, TapTechNews reported that Tencent Holdings announced a revenue of 159.5 billion yuan for the first quarter, exceeding the estimated 158.8 billion yuan, with a year-on-year growth of 6%; adjusted net profit was 50.27 billion yuan, exceeding the estimated 43 billion yuan, with a year-on-year growth of 54%.
In the first quarter of 2024, Tencent Holdings' network advertising revenue increased by 26% year-on-year to 26.5 billion yuan, and financial technology and corporate service revenue increased by 7% year-on-year to 52.3 billion yuan.
Tencent Holdings stated that in the first quarter, the total user usage time of Video Account increased by over 80% year-on-year, and the total user usage time of Mini Programs increased by over 20% year-on-year.
Tencent Video released multiple popular self-produced TV dramas and animated series, driving the year-on-year growth of long video paid members by 8% to 116 million.
TME (Tencent Music Entertainment Group) strengthened cooperation with Tencent Video, with music paid members growing by 20% year-on-year to 114 million.
Tencent Holdings also mentioned that they will increase the repurchase efforts, executing a plan to repurchase shares worth over 100 billion Hong Kong dollars in 2024, increase dividends, and continue to invest in AI technology to enhance the platform and produce high-value content.
For reference, in the fourth quarter of 2023, Tencent Holdings had a revenue of 155.2 billion RMB, exceeding the estimated 157.42 billion RMB, with a year-on-year growth of 7% and a quarter-on-quarter growth of 0.4%; adjusted net profit was 42.7 billion RMB, exceeding the estimated 41.97 billion RMB, with a year-on-year growth of 44% but a quarter-on-quarter decline of 5%.