Tencent Holdings (TCEHY) Q1 2024 Earnings Call Transcript

For the period ending March 31, 2024

May 14, 2024 8:00 a.m. ET

Prepared Remarks

Questions and Answers

Call Participants

Prepared Remarks:

Operator

Good day and good evening. Thank you for standing by. Welcome to Tencent Holdings Limited 2024 first quarter results announcement webinar. This is Wendy Huang from the Tencent IR team.

At this time, all participants are in a listen-only mode. After management’s presentation, there will be a question and answer session. For participants who dial in by phone, if you wish to ask a question, please press 5 on your telephone to raise your hand. If you are accessing from the Tencent meeting or group meeting application, please click the Raise Hand button on the bottom left, and please be advised that today’s webinar is being recorded.

Before we start the presentation, we will like to remind you that this includes forward-looking statements which are underlined by a number of risks and uncertainties and may not be realized in the future for various reasons. Information about general market conditions is coming from a variety of sources outside of Tencent.

This presentation also contains some unaudited non-IFRS financial measures that should be considered in addition to but not as a substitute for measures of the group’s financial performance prepared in accordance with IFRS. For a detailed discussion of risk factors and non-IFRS measures, please refer to our disclosure documents on the IR section of our website.

Let me now introduce the management team on the webinar tonight. Our Chairman and CEO, Pony Ma will kick off with a short overview. President Martin Lau and Chief Strategy Officer James Mitchell will provide a business review. Chief Financial Officer John Lo will conclude with a financial discussion before we open the floor for questions.

I will now pass it to Pony.

Pony Ma

Thank you Wendy. Good evening. Thank you everyone for joining us.

During the first quarter of 2024, several of our leading games in China and internationally started to benefit from team organization we put in place, resulting in an increase in game gross receipts and creating a foundation for our games revenue to resume growth in future quarters. We continue to accommodate high quality revenue streams, including amortizing video accounts and Weixin search, mini games, platform service fees, and ecommerce technology service fees, contributing our growth and operating profit growth outpacing our revenue growth.