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