China's Tencent reports 28% revenue growth in 2020 at $74 billion

Chinese Internet giant Tencent has reported a 28 per cent year-on-year growth in revenue for 2020, raking in around 482 billion yuan (about $73.9 billion).

The company's net profit, calculated on a non-IFRS basis in order to reflect its core earnings by excluding certain one-time or non-cash items, that rose 30 per cent year on year to reach about 123 billion yuan during the period, according to its financial statement.

In the final quarter of 2020, its financial technology and business services brought in 38.5 billion yuan, nearly a third of the company's total revenue, registering a 29 per cent year-on-year increase, reports Xinhua.

Tencent for the first time disclosed consumption data for underage game players in its financial statement.

In the fourth quarter of last year, players under the age of 18 accounted for 6 per cent of the company's domestic online gaming gross receipts, with gamers under the age of 16 accounting for approximately 3.2 per cent of Tencent's total online gaming income in China.

--IANS

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