Tencent Q3 2024 Financial Results: Video Game Business Overview

Tencent’s financial results for the third quarter of 2024 demonstrate significant growth across its gaming portfolio, driven by strong domestic performance and consistent international expansion. The company reported total revenue of 167.2 billion yuan ($23.9 billion), an 8% year-over-year increase, with profit attributable to equity holders rising by 47% to 53.2 billion yuan ($7.6 billion). These figures exceeded market expectations, signaling a robust recovery and successful monetization strategies within the firm’s core entertainment segments.

The domestic games segment served as a primary growth engine, generating 37.3 billion yuan—a 14% year-over-year increase. Key titles such as Honor of Kings and Peacekeeper Elite maintained healthy revenue growth, while Naruto Mobile achieved a milestone by surpassing 10 million daily active users. Additionally, the Chinese version of Valorant reached new records for both daily active users and gross receipts. The launch of Delta Force in China on September 26 has also proven successful, quickly accumulating several million daily active users and exceeding 25 million total registrations, with the company identifying the title as a long-term, evergreen asset ahead of its global release.

International operations also contributed positively, with the segment generating 14.5 billion yuan ($2 billion), representing a 9% year-over-year increase. This growth was supported by the sustained performance of established titles like PUBG Mobile and Brawl Stars. Furthermore, the global version of Valorant experienced a revenue surge of over 30% year-over-year, bolstered by its recent expansion onto PlayStation and Xbox consoles. These results underscore the effectiveness of Tencent’s dual-focus strategy on high-retention live service games and strategic platform expansion.