- Tencent posts impressive fiscal 2023 results, with revenue and profits surging.
- The Chinese tech giant plans to increase dividends and share buybacks substantially.
- Tencent’s strong performance signals confidence in future growth.
Revenue jackpot from video and gaming platforms
Tencent, the Chinese tech titan, has delivered an impressive performance in its fiscal 2023 results.
Bolstered by soaring user engagement on its video accounts platform and burgeoning mini-games receipts, the company reported a 10% increase in total revenue for the year, reaching a staggering 609 billion yuan (US$86 billion).
The fourth quarter witnessed a 7% year-over-year revenue spike to US$22 billion.
Profit shareholder rewards abound
Tencent’s operating prowess shone brightly, with full-year operating profit skyrocketing 44% to US$23 billion compared to 2022. The fourth quarter operating profit surged 42% year-over-year, clocking in at an impressive US$6 billion.
Demonstrating its commitment to shareholder value, the company plans to increase its annual dividend by a substantial 42% and more than double its share repurchases to over 100 billion Hong Kong dollars (US$13 billion) in 2024.
Capital confidence leads the way
This significant capital return signals Tencent’s confidence in its future performance and its unwavering dedication to rewarding its shareholders.
As the company continues to capitalize on the booming demand for its video and gaming platforms, investors can anticipate sustained growth and profitability in the years ahead.
To read the original article: https://www.techinasia.com/strong-growth-operating-profit-drives-tencent-increase-dividend-share-buybacks
