Tencent reports 31 percent rise in online games revenue

Chinese entertainment giant Tencent, owner of Riot Games, showed a 6 percent increase in profits for the first quarter of the year, buoyed by more gamers staying at home during the coronavirus pandemic.

Quarterly online games revenues rose by 31% over the same quarter last year, and in all, revenues increased by 26 percent, up to $15.3 billion. Tencent turned a net profit of $4.15 billion from January to March.

“(The figures show) solid quarterly operating and financial metrics, demonstrating the resilience of our business model and the platform value of our company,” Tencent said in a statement. “Looking forward, we expect in-game consumption activities to largely normalize as people return to work, and we see some headwinds for the online advertising industry.”

Tencent products include League of Legends, FIFA Online 3, NBA 2K, Monster Hunter, Need for Speed and PlayerUnknown’s Battlegrounds.

--Field Level Media