Tencent reports 24% revenue growth in Q3

GUANGZHOU - China's internet giant Tencent on Wednesday posted 24 percent year-on-year revenue growth in the third quarter, raking in 80.6 billion yuan ($11.6 billion).

Advertising, digital content, payment and cloud services have become Tencent's main sources of revenue, according to Pony Ma, CEO of the Shenzhen-based company.

Net profit rose 15 percent year-on-year to reach 19.7 billion yuan during the period.

Tencent's advertising revenue increased 47 percent year-on-year to reach 16.2 billion yuan, while daily mobile payment transaction volumes rose by over 50 percent, according to its Q3 report.

Short video and streaming services saw robust growth, with Tencent Video subscriptions increasing by 79 percent year-on-year, reaching 82 million users.

The company has also seen growth in the mobile gaming sector, with revenue up by 11 percent quarter on quarter, reaching 19.5 billion yuan, despite the recent introduction of tightened measures on underage gaming.