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Tencent's booth at the 5th China International Import Expo (CIIE) in Shanghai, China, November 10, 2022. /CFP
Chinese tech giant Tencent saw a slight revenue decline and rise in profit in the third quarter, according to the company's financial statement released on Wednesday.
The Hong Kong-listed company raked in about 140 billion yuan ($19.9 billion) in revenue in the third quarter, down 2 percent year on year.
Its net profit in the period reached 32.3 billion yuan, up 2 percent year on year, ending a four-quarter decline.
Tencent's revenue from domestic video games in particular dropped 7 percent "as transitional industry challenges resulted in lower paying user counts."
Meanwhile, the company announced in a separate statement that it would return capital to shareholders through a dividend distribution of its $20.3 billion stake in Meituan, a food delivery company in China.
Tencent said it made the decision because it judged that Meituan had now "attained a robust level of financial strength, industry positioning, and investment returns."
(With input from AFP)
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Disinformation report hotline: 010-85061466