TELECOMPAPER - Aug 19 - Tencent reported revenues for Q2 rose 20% from the year before to $21.4B. VAS revenues increased 11% to $10.7M. Games revenue grew 12% $6.6B. Social network revenues climbed 9% to$4.4B, mainly due to digital content services growth and in-game virtual item sales. Revenues from online advertising went up by 23% to CNY 22.8 billion.
49 posts categorized "Tencent"
Tencent Lifts Q2 Revenues by 20%, Games Revenue Grows 12%
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Chinese Apps Among World's Top-earning Apps in 1H of 2021
SCMP - June 30 - Chinese apps, led by TikTok, made up five of the world's top-10 earners of app store revenue in 1H of 2021. Consumers are estimated to have spent ~$920M on TikTok and Douyin over the six-month period. Tencent Video and iQiyi came in fourth and fifth among the top app store revenue earners. For overall revenue, they were sixth and eighth, respectively. Youku and QQ Music were among the top 10 app store revenue earners at eighth and 10th place, respectively.
by Tracy Qu
See full article at SCMP
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China's VCs Join Startups in Rush to Build a Homegrown Clubhouse
BLOOMBERG - Mar 22 - Tencent and Alibaba Group have begun testing audio-only chats on their platforms. The dominance of Alibaba and Tencent has also meant a sizable proportion of VC funds flow to the startups they back. The odds are against the country's upstarts as better-capitalized tech giants like Xiaomi and Kuaishou Technology roll out their own Clubhouse-like products. Like Clubhouse, these up-and-coming apps face the risk of Beijing cracking down at any moment.
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ShareChat Eyes a $200M Round From Tencent
KRASIA - Feb 26 - Bengaluru-based social media platform ShareChat, which also operates short-video app Moj, is looking to land a check of $200M from Chinese technology major Tencent. The funding will be raised through optionally convertible debentures and routed via a Europe-based entity. Optionally convertible debentures are long-term debt instruments that can be converted into shares of equity stock after a specified period. If the transaction goes through, it could subsequently lead to a change in management control of ShareChat. The startup claims to have 160 million active users on its main social networking app and 80 million on its short-video app, Moj.
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China Court Accepts ByteDance Case Filing Against Tencent Over Alleged Monopoly
TECH CRUNCH - Feb 9 - ByteDance is bringing its battle with archrival Tencent to the court at a time when the Chinese government moves to curve the power of the country's internet behemoths. The Beijing Intellectual Property Court has permitted a ByteDance lawsuit brought against Tencent to proceed. ByteDance alleged that Tencent's restrictions on Douyin, the Chinese TikTok, are in violation of China's anti-monopoly draft rules. For 3 yrs, Tencent has blocked Douyin from its networking apps WeChat and QQ, which bans users from viewing or sharing content from Douyin. Tencent's behavior "no doubt" constitutes "monopolistic behavior achieved by abusing market domination to exclude and limit competition," which the proposed anti-monopoly law prohibits, Douyin said.
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Douyin Sues Tencent Over Alleged Market Monopoly
GLOBAL TIMES - Feb 3 - Douyin, the Chinese version of TikTok, confirmed that it has filed a lawsuit with the Beijing Intellectual Property Count (BIPC) against what it claims is a monopoly by Tencent. Douyin stated that Tencent blocked users from sharing content from Douyin on its social networking platforms WeChat and QQ, and such a move constituted "the monopoly of abusing market domination as well as excluding and restricting competition," which is regulated under China's anti-monopoly law. As such, Douyin asked the court to order Tencent to stop the practice, publish a statement removing its negative impact, and compensate Douyin's economic losses and reasonable expenses totaling $13.9M. Tencent said that ByteDance's move is "maliciously framing it" and the company will sue ByteDance for illegal infringement.
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China's Tencent Is Now Bigger Than Facebook
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Tencent Introduces Advertising On WeChat
GLOBAL TIMES - Jan 21 - A large number of WeChat users on Wednesday received the first ads in their app's Moments section,. The advertisements came from an account named "WeChat team," which is automatically added to users' friend list and operated by Tencent Holdings as displayed on the account label. WeChat had accumulated over 468M monthly active users by Q3 of 2014. The total income from WeChat's advertising project could reach $1.6B annually.
by Hu Weijia
See full article at Global Times
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Line And Tencent Pour $110M Into Korea’s 4:33 Creative Lab
TECH CRUNCH - Nov 12 - The companies are teaming up to invest in getting more content on their platforms — and less for their competitors. The pair have invested $110M in 4:33 Creative Lab, a games studio based out of Korea. A potential partnership between Tencent and Line — which has found it hard so far to really breakthrough in markets outside of Asia— does raise questions of whether the services could also join forces to bulk up against the world’s biggest social network.
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Tencent Net Profit Rises 46% But Misses Estimates
MARKET WATCH - Nov 12 - The company's net profit for the 3 months ended Sept. 30 rose to 5.68B yuan (US$927M) from 3.87B yuan a year earlier, but missed analysts' estimates for profit growth of 57%.Online games revenue grew 34% to 11.3B yuan from a year earlier in the quarter, but was flat from Q2. Analysts say Tencent's competitive advantage is in its hugely popular social-media mobile platforms WeChat and QQ, which the company uses to channel users to its mobile games. In Q3, there were 819M monthly active users of QQ and 468 million users of Weixin and WeChat.
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Tencent, Baidu And Wanda Form $814M Joint Venture To Take On Alibaba
BETABOSTON - Aug 29 - Chinese Internet giants Tencent and Baidu are teaming up with conglomerate Wanda to form a $814M e-commerce joint venture to challenge Alibaba’s dominance. Wanda, a real estate and movie theater chain group, will hold a 70% stake, while Tencent and Baidu will each hold 15%. The three partners will further deepen collaboration on initiatives such as traffic sharing, media and advertising, resources sharing, membership benefits, payment and internet finance, big data, etc.
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Smartphone Gaming And Social Networking Contribute To Tencent Q2 Growth
REUTERS - Aug 13 - Net income for China's biggest listed tech firm from the quarter ended June rose 59 % to 5.84 billion yuan ($949M), slightly above analyst estimates of 5.73 billion yuan. Revenue climbed 37% to 19.75 billion yuan. Global monthly active users of Tencent's WeChat rose 10.7% (438.2M) from the previous quarter.
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China’s Tencent Looking To Expand Globally
GEEKWIRE - Apr 22 - Tencent is another tech conglomerate out of China that is hard to understand because it does so much. It offers an overwhelming mix of services, making it a serious threat to many U.S.-based companies. It started off with a messaging platform QQ, but has expanded into e-commerce, gaming, messaging, social networking and more. The timeline for when Tencent might take the leap into the U.S. is unknown, but it’s already made some small moves. It bought Riot Games, maker of League of Legends, for $400M.
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China's WeChat Censorship
IT WORLD - Mar 14 - WeChat, one of China's most popular messaging apps, closed the public accounts of several publications known for their political writings. Tencent, the Chinese Internet giant behind WeChat, said the account closures were made to ensure a quality user experience. WeChat has close to 300M users. In November, China specifically named WeChat as among the social networks it wants greater control over.
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Tencent’s Market Cap Rises Above $150 Billion
WSJ - Mar 11 - With a market cap now slightly above $150 billion, the Chinese social networking and gaming firm is already larger than U.S. tech giants like Intel, Cisco Systems and Hewlett-Packard. Tencent’s shares are up ~25% since Jan 1. Tencent's messaging app WeChat is valued at $64B, about three times the amount Facebook paid for WhatsApp.
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