Tencent’s Q2 2023 revenues increased to 149.2 billion yuan (US$20.5 billion), up 11% year on year, though it slightly fell short of the 152 billion yuan (US$20.8 billion) estimated by Bloomberg-polled analysts. Profits grew 41% to 26.2 billion yuan (US$3.6 million) compared to the same period last year.

Amid China’s turbulent macroeconomic climate, Tencent co-founder and CEO Pony Ma said the company – now the world’s largest gaming business – is gravitating towards quality revenue streams. It is also exploring new growth areas, including AI applications.