Tencent reports 28% revenue growth in 2020

SHENZHEN — Chinese internet giant Tencent on Wednesday reported a 28 percent year-on-year growth in revenue for 2020, raking in around 482 billion yuan (about $73.9 billion).

The company’s net profit, calculated on a non-IFRS basis in order to reflect its core earnings by excluding certain one-time or non-cash items, rose 30 percent year-on-year to reach about 123 billion yuan during the period, according to its financial statement.

In the final quarter of 2020, its financial technology and business services brought in 38.5 billion yuan, nearly a third of the company’s total revenue, registering a 29 percent year-on-year increase.

Tencent for the first time disclosed consumption data for underage game players in its financial statement. In the fourth quarter of last year, players under the age of 18 accounted for 6 percent of the company’s domestic online gaming gross receipts, with gamers under the age of 16 accounting for approximately 3.2 percent of Tencent’s total online gaming income in China.

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