On May 14, Tencent announced its 2024 first-quarter earnings report. According to the report, the company's total revenue during the period was 159.501 billion yuan, a year-on-year increase of 6%; adjusted net profit was 50.265 billion yuan, a year-on-year increase of 54%; The revenue of the game business was 48.1 billion yuan, basically unchanged year-on-year.
Ma Huateng said in the financial report that the total turnover of games in the first quarter of this year has increased, laying the foundation for the recovery of game revenue growth in the next few quarters.
Among them, the total game turnover in the domestic market in the first quarter returned to a year-on-year increase, with an increase of 3%. Revenue from games in the domestic market fell 2% year-on-year to RMB34.5 billion, due to revenue deferral.
According to the financial report, the turnover of many games in the local market such as "Battle of the Golden Shovel", "CrossFire Mobile Game" and "Dark Zone Breakout" hit a record high. "Ark of Destiny" and "Valorant" have performed well since their launch in July last year, with some revenue contribution.
At the same time, benefiting from the new commercialization rhythm and the improvement of game content design, the turnover of "Honor of Kings" and "Peace Elite" has resumed year-on-year growth in March 2024.
In the international market, the total turnover of games increased by 34% year-on-year, with a revenue of 13.6 billion yuan. According to the financial report, the international market of Tencent Games mainly relies on the strong recovery of Supercell and the growth contribution of "PUBG MOBILE".
Among them, a number of Supercell's evergreen products have achieved recovery since the second half of last year, and the number of daily active users and turnover of games has continued to rise, especially the number of daily active users of "Brawl Stars" in the international market has exceeded twice that of the same period last year, and the turnover has exceeded four times that of the same period last year.
In addition to Brawl Stars, Supercell's Clash Royale and Clash of Clans have also made a significant comeback. According to Sensor Tower, revenue from both companies increased by 104% and 20% year-on-year respectively in the first quarter of this year, and together with Brawl Stars, Supercell's Q1 revenue increased by 82% year-on-year.
"PUBG MOBILE" continues the momentum of last year's recovery. According to Sensor Tower's estimates, "PUBG MOBILE" firmly topped the download list of China's overseas mobile games in the first quarter of this year, and its revenue in the first quarter increased by more than 30% year-on-year.
It is worth mentioning that the financial report disclosed that the turnover of Q1 Mini Games increased by 30% year-on-year, and the total user time of Q1 Mini Programs increased by more than 20% year-on-year. Among them, the average daily usage of non-game Mini Programs achieved a double-digit percentage increase year-on-year.