Tencent has announced a 26 percent rise in quarterly sales - partially thanks to its online gaming business.
Online gaming
The Chinese tech giant has confirmed that online gaming revenues increased by an impressive 29 percent to $6 billion in the last quarter of last year.
More broadly, the company's revenues increased to $20.5 billion in the last quarter of 2020, which includes a profit of $5.2 billion.
Tencent’s chief executive Ma Huateng said: "We extended our leading position in the consumer internet space with enriched content and innovations across our products, while making notable progress in international expansion, starting with games."
Tencent still makes the majority of its money in China, but its international sales are also on the rise, with the firm’s overseas sales increasing by 43 percent in comparison to 2019.
Meanwhile, new data recently confirmed that the UK video games industry earned a record £7 billion in 2020.
Ukie, the industry body, revealed that the sector thrived amid the coronavirus crisis, with millions of people turning to gaming as a means of curing their boredom during the lockdowns.
Dr Jo Twist, the chief executive of Ukie, said: "The figures confirm just how valuable games proved to people across the country during one of the toughest years of our lives.
"We all know how important entertainment, technology and creativity have been over the last year."
Research found that more than £1.6 billion more was spent on games compared with 2019 - equivalent to a 30 percent year-on-year increase.