Chinese software and game publisher giant Tencent has shared its financial results for the third quarter of the year, reporting an all-time high revenue with major gains over the past year. The Chinese conglomerate is one of the many which benefited through lockdowns due to the pandemic.
The credit mostly goes to online gaming revenues as Q3 2020 was the third consecutive quarter in which the segment showed a 30%+ growth. The total revenue reached RMB 37.3 billion at the end of the first quarter which was a 31% improvement compared to last year. The second quarter’s figure was RMB 38.2 billion, which marked an annual growth of 40%.
As for the last quarter, revenue grew once again to reach RMB 41.4 billion, which was a staggering year on year increase of 45%. This was only 33% of the company’s overall revenue at the end of the third quarter, which was RMB 125.4 billion, the highest figure Tencent has ever reported.
The cause of this growth was a significant increase in player spending which grew due to stay at home activities amid the pandemic. Not only that, but the company also saw a notable increase in its player base during the period of lockdowns and quarantines. Tencent’s Honor of Kings, for instance, exceeded 100 million daily active users over the past 10 months.
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