Tencent Continues to Expand Business in Education

Technology, Consumer Discretionary Author: Qasim Khan Aug 13, 2020 02:36 PM (GMT+8)

Tencent has managed to generate a revenue of CNY 114.88 billion, a year-on-year increase of 29%, in 2Q 2020.

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Tencent disclosed its Q2 2020 and 1H 2020 reports on August 12. The financial report data shows that the tech giant hit CNY 30.15 billion in net profit, a year-on-year increase of 28%; the total revenue of CNY 114.88 billion also saw a year-on-year increase (29%).

In terms of communications and social networking services, as of the end of June 2020, the combined number of monthly active accounts for WeChat was 1.206 billion, a year-on-year increase of 6.5%. The latest 'Tickle' (Chinese: 拍一拍) function has stimulated many creative interactions, and the new live broadcast function in the WeChat home-school group has also made online education through WeChat more convenient.

In cloud and other enterprise services, Tencent has expanded its business in new vertical fields such as education to help customers achieve digital transformation. The use of customized design and the establishment and expansion of its own ultra-large digital center have improved the performance of cloud services and optimized costs.

Tencent stated: "Due to the continuing impact of the COVID-19, offline projects have not yet fully resumed. However, we have signed major contracts with financial institutions and public service customers and expanded our medical and education services. Businesses in emerging vertical fields help customers achieve digital transformation. In terms of technology and infrastructure, we use customized equipment and are establishing and expanding our own ultra-large data centers, which will help us to improve our cloud services in the long run."