Phoenix Network Technology News On May 18, Tencent released the first quarter performance report of 2022. According to the financial report, Tencent's revenue in the first quarter was 135.5 billion yuan, flat year-on-year, less than the market expectation of 141.06 billion yuan; the first quarter net profit was 23.41 billion yuan, less than the market expectation of 29.31 billion yuan, down 51% year-on-year; non-IFRS adjusted net profit was 25.545 billion yuan, down 23% year-on-year.
By business, Tencent Holdings' value-added service business revenue in the first quarter of 2022 was 72.7 billion yuan, an increase of 1% year-on-year. In the game business segment, Tencent's game revenue reached 43.6 billion yuan, of which the international market game revenue was 10.6 billion yuan, an increase of 4% year-on-year; the local market revenue was 33 billion yuan, down 1% year-on-year.
Tencent said in its earnings report that domestic game revenue declined due to the direct and indirect impact of the protection measures on the number of active users and paying users. The increase in game revenue in the international market in the first quarter of this year was mainly due to the increase in revenue from games such as VALORANT and Clash of Clans.
According to the financial report, the revenue of the online advertising business fell by 16% in the first quarter to RMB18 billion, reflecting the seasonal adverse effect. Social and other advertising revenue fell 15% to RMB15.7 billion,