Tencent Posts Steepest Profit Decline Since Going Public

Tencent Holdings posted its worst quarterly profit drop ever and slowest revenue growth in nearly two decades, as the outbreak of China’s pandemic hit a struggling tech giant. tangled with a year-long regulatory crackdown.

The social media and video game giant said on Wednesday that first-quarter revenue rose 0.1% from a year earlier to 135.47 billion yuan, or 21.3 billion yuan. dollars, based on an exchange rate of 6.3482 yuan to one dollar used by Tencent. Net profit fell 51% to 23.41 billion yuan, the world’s largest video game developer said. It was Tencent’s biggest profit decline since listing in Hong Kong in 2004, data from S&P Global Market Intelligence shows.

https://www.wsj.com/articles/tencent-posts-steepest-profit-decline-since-going-public-11652877494?mod=pls_whats_news_us_business_f Tencent Posts Steepest Profit Decline Since Going Public

Edmund DeMarche

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