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TENCENT ANNOUNCES 2024 ANNUAL AND FOURTH QUARTER RESULTS
Tencent Holdings Limited (HKEX: 00700 (HKD Counter) and 80700 (RMB Counter), "Tencent" or the "Company"), a world-leading Internet and technology...
About this update from Tencent Holdings Ltd
[{"type":"text","content":"\n \n\t\t \n \n \n \n Achieved High Quality Revenue Growth with Sustained Operating Leverage \nMore Than Doubled Share Repurchase to Approximately HKD112bn \nStepping Up AI Investment for Growth\nHONG KONG, March 19, 2025 /PRNewswire/ -- Tencent Holdings Limited (HKEX: 00700 (HKD Counter) and 80700 (RMB Counter), \"Tencent\" or the \"Company\"), a world-leading Internet and technology company in China, today announced the audited consolidated results for the year ended 31 December 2024 (\"FY2024\") and the unaudited consolidated results for the fourth quarter (\"4Q2024\") ended 31 December 2024.\nMr. Ma Huateng, Chairman and CEO of Tencent, said, \"Benefitting from AI-powered enhancements to our advertising platform, higher engagement in Video Accounts, and growth in our evergreen games, we achieved double digit revenue growth while sustaining continued operating leverage in the fourth quarter of 2024. Starting a few months ago, we have reorganised our AI teams to sharpen focus on both fast product innovation and deep model research, increased our AI-related capital expenditures, and increased our R&D and marketing efforts for our AI-native products. We believe these stepped-up investments will generate ongoing returns via uplifting productivity in our advertising business and longevity of our games, as well as longer term value from accelerated consumer usage of our AI applications and enterprise adoption of our AI services.\"\nFY2024 Financial Highlights\nRevenues: +8% YoY, gross profit: +19% YoY, non-IFRS[1] operating profit: +24% YoY\n\n Total revenues were RMB660.3 billion (USD91.9 billion[2]), up 8% over 2023.\n Gross profit was RMB349.2 billion (USD48.6 billion), up 19% YoY.\n On a non-IFRS basis, which is intended to reflect core earnings by excluding certain one-time and/or non-cash items:\n \n Operating profit was RMB237.8 billion (USD33.1 billion), up 24% YoY. Operating margin increased to 36% from 32% last year.\n Profit for the year was RMB 227.2 billion (USD31.6 billion), up 40% YoY.\n Profit attributable to equity holders of the Company for the year was RMB222.7 billion (USD31.0 billion), up 41% YoY.\n Basic earnings per share were RMB24.027. Diluted earnings per share were RMB23.505.\n \n On an IFRS basis:\n \n Operating profit was RMB208.1 billion (USD28.9 billion), up 30%...