【招银国际】–Strong 3Q results on accelerating AI revenue.pdf

–Generative AI related revenue generation ramping up

2022 State and Local Tax Revenue by State

The Division of Revenues from Unexpected Demand Shocks

Gradual revenue and margin recovery in FY23

Rampup of generative AIrelated revenue on track

Inline 1Q24 results; upbeat on game revenue growth reacceleration in 2H24E

Awaiting recovery of ads revenue growth

Ad revenue growth recovery still takes time

Pent-up demand boosts revenue recovery

–Game business weighed on revenue growth despite resilient ad and VAS business