Tencent Holdings Ltd. stated on Wednesday that its third-quarter revenue dropped 2% on a yearly basis, landing at $19.7 billion. Net profits came to $5.6 billion, rising 1% compared to the same quarter in 2021. Diluted earnings per share (EPS) were also up 1% to $0.58.
"During the third quarter, we started to benefit from the adjustments that we have made to reposition ourselves for a new industry paradigm. We activated in-feed advertisements in Video Accounts, achieved breakthroughs in international games publishing, and executed cost efficiency initiatives, which refocused us on core activities and controlled our cost growth," the company said.
