알파경제 - Tencent posted a weaker-than-expected 7% increase in sales in the fourth quarter due to a drop in game sales

(Photo = Yonhap news)

[Alpha Biz=(Chicago) Reporter Paul Lee] China's Tencent (Tencent Holdings) said on the 20th that its sales rose 7% in the fourth quarter, weaker than expected, due to a drop in game sales, and expects to at least double its treasury stock purchases this year.

The world's largest video game company reported sales of CNY 1,551 billion (USD 21.56 billion) in the three months to December 31.

This is lower than the average of 1,572 billion yuan estimated by 23 analysts by LSEG.

Tencent's core gaming business experienced a noticeable slowdown in the fourth quarter.

China's game sales fell 3% to 27 billion yuan, while overseas game sales rose 1% to 13.9 billion yuan, down 1% excluding currency fluctuations.

The company also said it plans to more than double its treasury stock purchase from HKD 49 billion in 2023 to HKD 100 billion (USD 12.78 billion) in 2024.

알파경제 Kim Jisun Reporter(stockmk2020@alphabiz.co.kr)