Photo taken on Oct. 7, 2020 shows the Tencent building in Nanshan District of Shenzhen, south China's Guangdong Province. (Xinhua/Liu Dawei)
SHENZHEN, Aug. 16 (Xinhua) -- Chinese internet giant Tencent has reported year-on-year revenue and net profit increases during the second quarter of 2023.
Tencent raked in more than 149.2 billion yuan (about 20.7 billion U.S. dollars) in revenue during the second quarter, up 11 percent year on year, according to the company's financial results released on Wednesday. The company has seen its revenue increase by 11 percent year on year for two consecutive quarters since the beginning of this year.
Its net profit rose 33 percent year on year to over 37.5 billion yuan during the same period.
Wednesday's report noted that revenue from fintech and business services grew 15 percent year on year to 48.64 billion yuan, making it the business segment that contributed the most to Tencent's revenue in the quarter. Its contribution to the company's revenue has accounted for more than 30 percent for nine consecutive quarters.
Revenue from advertising rose 34 percent year on year to 25 billion yuan.
In the first half of this year, Tencent invested over 31.19 billion yuan in research and development, according to the report.
Pony Ma, chairman and CEO of Tencent, said the company will continue to drive innovation, including through generative AI, as well as refining its proprietary foundation model.
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