China’s Tencent has released its financial results for the fourth quarter of 2020. The tech giant has earned $20.5 billion (133.7 billion Yuan) in Q4, reporting a 26 percent year-on-year increase.

Of its total revenue, value added services (VAS) raked in the most revenue for the company at $10.2 billion (66.9 billion Yuan), a 28 percent increase year-on-year.

Revenue from cloud computing and other business services showed a similar 29 percent year-on-year increase to $5.9 billion (38.5 billion Yuan) thanks to Tencent’s penetration into the industrial internet with its flagship Software-as-a-Service (SaaS) products and upgraded cloud infrastructure.

The company also invested in enhanced Internet-as-a-Service (IaaS) technology, including its ‘Star Lake’ customised cloud server solutions that are able to power the latest AMD chips, and self-developed ‘T-block’ data centre technology.

“While 2020 was a year of unprecedented challenges, solid results across all our businesses testify to our focus on user value, technology innovation and business sustainability,” said Tencent Chairman and CEO Ma Huateng.

“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,” he added.

Tencent also said that it will continue to invest in cloud infrastructure and technology, and work with partners to upgrade its aaS solutions.