Tencent reported better-than-expected Q4 2024 results, with revenue reaching 172.4 billion RMB ($23.9 billion) and profit rising 90% YoY to 51.3 billion RMB ($7.1 billion), driven by strong growth in gaming and advertising. Domestic gaming revenue climbed 23% to 33.2 billion RMB ($4.6 billion), while international gaming revenue increased 15% to 16 billion RMB ($2.2 billion). Advertising revenue rose 17% to 35 billion RMB ($4.9 billion), supported by AI-enhanced ad services. Tencent’s AI investments expanded significantly, with capital expenditure tripling to 76.8 billion RMB ($10.7 billion) in 2024, focused on GPUs and server infrastructure. The company expects accelerated cloud revenue growth following increased GPU investments.