Tencent's revenue was up 29 per cent year-on-year in Q3 as it generated ¥125 billion ($18.4 billion).
Furthermore, with an increase of 34 per cent year-on-year, the Chinese tech giant earned ¥38 billion ($5.6 billion) in operating profit.
Meanwhile, online games revenue hit ¥41.4 billion ($6.2 billion), which represents a growth of 45 per cent year-on-year. Tencent attributed its success to increased revenue from mobile games such as Peacekeeper Elite - a localised version of PUBG Mobile - and Honor of Kings.
To capitalise on the success seen by Honor of Kings, Tencent plans to not only release two new games based on the IP but an animated series as well. Recently, the title celebrated its fifth anniversary as it hit 100 million daily active users.
Moreover, the company will hope to see success from its new battle arena title, League of Legends: Wild Rift.
Overall, smartphone revenue came in at ¥39 billion ($5.9 billion).
"This quarter marked the second anniversary of our strategic organisation upgrade, which was intended to enhance our strength in Consumer Internet and extend our presence to Industrial Internet," said Tencent chairman and CEO Ma Huateng.
"While the upgrade was designed to bear fruit over the longer run, we are already seeing initial benefits in areas such as consolidating our advertising services, rejuvenating our product and content platforms, growing our cloud and SaaS businesses and building an internal open source code base.
"In the face of public health, macroeconomic, and geopolitical challenges, we will seek to sharpen our focus, innovate, and collaborate with our partners in order to better serve our users, customers and the society at large."