Tencent’s 2020 Q2&H1 Results: Education Business Contributes to Revenue Increase

Tencent (00700.HK) today announces the unaudited consolidated results for the second quarter and the first half-year of 2020 ended June 30, 2020. The report shows that the total revenues of Q2 2020 were RMB114,883 million (USD16,228 million), an increase of 29% over the second quarter of 2019, and the total revenues of H1 2020 were RMB222,948 million (USD31,492 million ), an increase of 28% year-over-year.For the business review and outlook, communication and social, online advertising, as well as cloud and other business services all involve Tencent’s cost and revenue in education.Looking at the communication and social, the addition of a live broadcast function to WeChat school-plus-home groups facilitated online education within WeChat. And advertiser industry breadth diversified in Q2 2020 as categories such as eCommerce and education spent heavily on the 618 promotional campaigns and summer courses. As for cloud and other business services, Tencent expanded the presence in emerging verticals like education to help customers in their digital transformation. The company has adopted custom-made equipment, as well as built and developed its own hyper-scale data centers to enhance the performance and optimize the cost of the company’s cloud services in the long run.Amid the epidemic, Tencent Education has served the education authorities of more than 1,000 provinces, municipalities, and counties across China, and has landed over 100,000 benchmark smart campuses. And products like Tencent Classroom and WeChat Work also provided online education platforms for millions of teachers. Besides, Tencent Penguin Tutoring (fudao.qq) has partnered with the Chinese Academy of Sciences, Beijing Normal University, and other schools to launch more than 1 million free lessons as a charitable activity.