Chinese tech giant Tencent reported a 26% jump in download slotxo android quarterly sales, pushing up the online gaming business.Tencent's Honor of Kings remains the top-rated game in China while PUBG Mobile still performs well overseas.Online gaming revenue rose 29 percent to $ 6 billion (£ 4.4 billion) in the final quarter of 2020 in the same quarter of 2019.The company, however, faces more scrutiny from Chinese regulators, which have recently taken tighter guidelines against the country's tech giants.Tencent's overall revenue rose to $ 20.5 billion in the final quarter of 2020 with a profit of $ 5.2 billion.Online advertising revenues increased 22%, while fintech and business services revenues increased 29%.We expand our leadership position in the consumer internet space with rich content and innovation in our products, while making great strides in international expansion starting with games," said Ma Huateng, chief executive officer. Tencent said.
Gaming competition
Although most of the company's gaming revenue still comes from China. But Tencent's overseas sales are up 43% compared to 2019In addition to the company's two most popular titles, the Peacekeeper Elite and Moonlight Blade Mobile helped boost sales.However, Tencent is facing growing competition from other Chinese tech firms such as TikTok-owned ByteDance, which has been forging into the gaming business.ByteDance is priced higher than Tencent last week to acquire Moonton Technology, a Shanghai-based game studio better known as Mobile Legends, a popular Southeast Asian game.
Under pressure
Despite the strong performance But the company's share price has skyrocketed over the past month.The reversal of Tencent's share price comes amid a broader technology risk in the Hang Seng Index and has been expanded on the expectation of tighter regulatory scrutiny," said Michael Norris, head of research and strategy. Of the Agency China.Tencent is one of dozens of companies faced with fines from China's market regulator earlier this month for violating antitrust rules.E-commerce giant Alibaba faces the most pressure from Chinese regulators and investors are worried that Tencent will be next.In October, Chinese regulators blocked the launch of Alibaba-backed Ant Group's market share, its biggest year.Ant Group operates China's largest digital payment service that directly competes with Tencent's WeChat Pay.
