Copyright © Emerce 2023

Chinese company Tencent, best known for WeChat, posted a profit of 36.2 billion yuan ($5 billion or 4.6 billion euros) in the three months ended Sept. 30, up 9 percent from 39.9 billion yuan a year ago. Revenue rose 10 percent to 154.6 billion yuan (pdf).

The results were better than expected as China continues to face economic headwinds.

Relatively new services such as video and mini-games contributed to the result. The bulk of revenue came from gaming.

Gross profit from gaming and social networks climbed 12 percent to 42.0 billion yuan, while profit from online ads picked up 35 percent to 13.5 billion yuan.

Tencent announced Wednesday that it will increase investment in AI models. In September, Tencent launched its self-developed Hunyuan large language model (LLM), similar to OpenAI's ChatGPT.

The number of monthly active users for WeChat reached 1.34 billion in the third quarter. Video views increased 50 percent compared to the same period last year.

© The Content Exchange, source News