Tencent reports 10 percent revenue growth

Tencent Holdings reported a revenue growth of 10 percent year-on-year in the third quarter, as online advertising and large model-related business became fresh growth drivers.

In its fiscal report on Wednesday, the company said it gained revenue of 154.6 billion yuan ($21.4 billion) in the third quarter. Its net profit also jumped 39 percent year-on-year to 44.92 billion yuan.

In particular, the company's online advertising business reported a 20 percent year-on-year revenue jump, attributed to the application of a large model in improving precise recommendations. 

More than 180 internal businesses have been linked with the company's large model, the company said.

Pony Ma, chairman and CEO of Tencent, said that the company has achieved solid and high-quality revenue growth, notable margin expansion, and structural operating leverage in the third quarter.

He also said that new services like video accounts and mini-games also contributed high-margin revenue, as the company "refocused away from less-scalable activities."

chengyu@chinadaily.com.cn