Today, Tencent released its financial report for Q2, where the total revenues were 134 billion CNY (~20 billion USD), a decline of 3% year on year.
During the second quarter, Tencent exited non-core businesses, tightened marketing spending, and trimmed operating expenses, to face the difficult revenue conditions, the report said.
International games revenues decreased by 1% to 10.7 billion CNY (~1.58 billion USD), remaining broadly stable. Tencent said that the international game industry experienced a post-pandemic digestion period. By title, they saw decreased revenues from PUBG Mobile and Brawl Stars, robust performance from VALORANT, and incremental revenues from V Rising.
The company’s domestic games revenues decreased by 1% to 31.8 billion CNY (~4.69 billion USD), as the domestic game industry experienced a similar digestion period due to transitional issues, including relatively fewer big game releases, and lower user spending, and the implementation of minor protection measures.
By title, Tencent saw decreased revenues from Honor of Kings, Moonlight Blade Mobile, and League of Legends, and incremental revenues from recently launched games, such as League of Legends: Wild Rift, Return to Empire, and Fight of The Golden Spatula.
Source: Tencent