Tencent reported strong financial growth driven by record user engagement and successful expansion of its gaming segment. While AI and cloud advancements are promising, increased investments in AI have temporarily narrowed the gap between revenue and profit growth. Regulatory uncertainties related to high-end GPUs and fintech challenges remain concerns.

Company Guidance

In Tencent's 2025 first quarter announcement, the company reported a strong financial performance with total revenue increasing by 13% year-on-year to RMB180 billion. Gross profit reached RMB100 billion, marking a 20% year-on-year growth. The non-IFRS operating profit rose by 18% to RMB69 billion, while the non-IFRS net profit attributable to equity holders was RMB61 billion, up 22% year-on-year. The company's AI investments have begun to contribute significantly, particularly in performance advertising and gaming. The combined monthly active users (MAU) of Weixin and WeChat grew to 1.4 billion. Value-added services (VAS) revenue increased by 17% to RMB92 billion, with domestic and international games contributing notably. The fintech and business services segment saw a revenue increase of 30%, reaching RMB55 billion, and the gross profit for this segment rose by 16% to RMB28 billion. Tencent continues to invest in AI to enhance its offerings, expecting these investments to generate substantial long-term returns.

Strong Financial Performance

Total revenue was RMB180 billion, up 13% year-on-year. Gross profit was RMB100 billion, up 20% year-on-year. Non-IFRS operating profit was RMB69 billion, up 18% year-on-year. Non-IFRS net profit attributable to equity holders was RMB61 billion, up 22% year-on-year.

Record User Engagement

Combined MAU of Weixin and WeChat grew year-on-year and quarter-on-quarter to 1.4 billion.

Gaming Segment Growth

Domestic games revenue grew by 24% year-on-year, driven by flagship games like Honor of Kings and Peacekeeper Elite. Delta Force became the highest ranked mobile game by DAU released in China in the last three years.

AI and Cloud Advancements

AI capabilities contributed to business segments such as performance advertising and evergreen games. Tencent Cloud's audio and video solutions ranked first by revenue for the seventh consecutive year in China.

Advertising Revenue Growth

Marketing services revenue grew 20% year-on-year to RMB32 billion, benefiting from higher user engagement and ongoing AI upgrades.

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Tencent Holdings (HK:0700) Earnings, Revenues Date & History

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HK:0700 Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Aug 13, 2025	2025 (Q2)	7.11 / -	6.014	―	―	―
May 14, 2025	2025 (Q1)	6.91 / 7.13	5.704	25.08% (+1.43)
Mar 19, 2025	2024 (Q4)	6.14 / 6.54	4.815	35.76% (+1.72)
Nov 13, 2024	2024 (Q3)	6.15 / 6.87	5.047	36.14% (+1.82)
Aug 14, 2024	2024 (Q2)	5.50 / 6.52	4.2	55.20% (+2.32)
May 14, 2024	2024 (Q1)	4.84 / 5.70	3.634	56.96% (+2.07)
Mar 20, 2024	2023 (Q4)	4.74 / 4.82	3.297	46.06% (+1.52)
Nov 15, 2023	2023 (Q3)	4.53 / 5.05	3.403	48.31% (+1.64)
Aug 16, 2023	2023 (Q2)	4.07 / 4.20	2.982	40.86% (+1.22)
May 17, 2023	2023 (Q1)	3.67 / 3.63	2.605	39.48% (+1.03)

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed

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HK:0700 Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
May 14, 2025	HK$501.62	HK$516.49	+2.96%
Mar 19, 2025	HK$536.32	HK$535.33	-0.18%
Nov 13, 2024	HK$400.31	HK$400.31	0.00%
Aug 14, 2024	HK$375.32	HK$370.56	-1.27%

Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.

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