Tencent reports its first-ever revenue drop as regulations and COVID-19 bite
2022.08.17 11:54
FILE PHOTO: A staff member is seen at a booth of Tencent at an exhibition during China Internet Conference in Beijing, China July 13, 2021. REUTERS/Tingshu Wang
By Josh Ye
HONG KONG (Reuters) – China’s Tencent Holdings (OTC:TCEHY) reported on Wednesday its first ever quarterly sales fall, hurt by a lack of game approvals and regulations that limit playing time, as well as COVID-19 lockdowns and a weak economy that squeezed ad sales.
Tencent, the world’s largest video game company and the operator of the WeChat messaging platform, said revenue fell 3% to 134.034 billion yuan ($19.78 billion) for the three months ended June 30.
Analysts on an average expected 134.6 billion yuan, according to Refinitiv Eikon data.
($1 = 6.7756 Chinese yuan renminbi)
