Tencent revealed its Quarter 3 earnings for 2020

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Tencent Holdings recently reported its financial earnings for the third quarter of 2020. The company is one of many who benefited from pandemic-induced lockdowns in China and globally. The demand for digital services increased drastically during the lock-down periods. Now it has posted record all-time high quarterly revenues during the only a three-month period.

At the end of the first quarter, gaming revenues stood at RMB 37.3 billion, for a 31% year-on-year growth. But at the end of the second quarter, they stood at RMB 38.2 billion, to mark 40% annual growth.

Tencent’s RMB 41.4 billion revenue from the sector mark grew for a staggering 45% year-over-year growth. The revenue formed one-third (33%) of the company’s total RMB 125.4 billion revenues for the quarter. It is reported to be highest in Tencent’s history.

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According to the company’s earnings presentation, deferred revenue from a stay-at-home activity from the second quarter carried over to the previous quarter. It made Tencent are its terms of ‘total smartphone games’ revenue by 61% year-over-year.

Tencent’s Honor of Kings exceeded 100 million daily active highlightings of the changing entertainment trends worldwide in 2020. Pokemon Go saw its player spending cross $1 billion for the first ten months of this year.

It also came under American scrutiny in September when the company was asked to provide details about its information storage practices. The company plans to launch two new games and a live-action drama series based on the Honor of Kings. Not to mention, Tencent’s Naruto Mobile developed four years back, also reported all-time high revenue and daily active users in this quarter.

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On the latest news. However, its PUBG game has a base ban in many countries. It is planning to make a comeback by purchasing a license from the said countries, as to whether it can make a comeback remains to be seen.

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