Tencent Reports 17% Increase in Game Revenues, Nets $7.74B Profit for Q1 2021 – The Esports Observer

Chinese multinational investment holding conglomerate Tencent Holdings released its financial earnings report for the first quarter of 2021. The company generated total net revenues of ¥135.3B RMB ($21.03B USD) in Q1 2021, an increase of 25.2% from ¥108.1B ($16.8B) in the same period of 2020. 

The company reported that its quarterly revenues from games increased by 16.9% year-over-year to ¥43.6B ($6.78B) or 16% of Tencent’s total revenues, which it attributed primarily to mobile games growth in China and higher contributions from international markets.  

In total, mobile games revenues were ¥41.5B ($6.45B), up 19% year-over-year due to benefiting from robust performances of Honor of KingsPUBG Mobile, and Peacekeeper Elite (Tencent books parts of its mobile games revenues under its social media segment). PC client games revenues only increased by 1% year-over-year to ¥11.9B ($1.85B) for Q1 2021 

Tencent ended the quarter on a ¥49.8B ($7.74B) net profit, up 66.7% compared to the same period of 2020. 

Note: The Esports Observer used the exchange rate in effect as of May 21 at a rate of 6.43356 RMB to 1 USD for currency conversions in this article. 

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