Chinese giant Tencent Holdings Limited posted triple-digit digit growth in its fourth-quarter profits and double-digit expansion for the full-year 2020, the company reported in a statement.
- Fourth-quarter profits surged 165% to RMB59.369 billion ($9.099 billion), while revenues grew 26% to RMB133.669 billion ($20.486 billion).
- Full-year profits climbed 67% to RMB160.125 billion ($24.541 billion), while revenues jumped 28% to RMB482.064 billion ($73.881 billion).
- Tencent’s Weixin reported 1.2 billion users in 2020. There were 120 million user posts in Moments, 360 million users who read official accounts articles, and 400 million users who accessed mini programs.
- The company distributed over 1 million Switch consoles and published a dozen popular Switch titles in China.
- Value-added service (VAS) subscriptions rose 22% to 219 million, while long form video subscriptions hit 123 million.
- “While 2020 was a year of unprecedented challenges, solid results across all our businesses testify to our focus on user value, technology innovation and business sustainability,” said Tencent chairman and chief executive officer Ma Huateng.