Tech giant Tencent on Wednesday posted its lowest annual profit since 2019, despite slight improvements in China's economic outlook and a more lenient attitude taken towards the tech sector.

Tencent's total net profit for 2023 stood at 115.2 billion yuan, according to a filing of annual results at the Hong Kong Stock Exchange, lower than analysts' expectations of around 123.5 billion yuan.

The company said it planned to at least double its share buybacks this year to over HK$100 billion.

Apart from annual income, Tencent also announced a weaker-than-expected seven percent rise in fourth quarter revenue, as its gaming earnings shrank.

The world's largest video game company and operator of the WeChat messaging platform reported revenue of 155.19 billion yuan for the three months ending on December 31.

Tencent's core gaming business suffered a notable slowdown in the fourth quarter, with gaming revenue in China declining three percent to 27 billion yuan.

Its international gaming revenue, meanwhile, increased by only one percent to 13.9 billion yuan. (Agencies)
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Last updated: 2024-03-20 HKT 22:02