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Tencent Reports Its First-Ever Revenue Drop as Regulations and Covid-19 Bite

Reuters2022-08-17

HONG KONG, Aug 17 (Reuters) - China's Tencent Holdings(0700.HK)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)

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Comment9

  • tig2021
    ·2022-08-18
    Ok
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  • r39
    ·2022-08-18
    [Sad] 
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  • GANCL
    ·2022-08-17
    Bad news
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  • SherryVJ
    ·2022-08-17
    Like 
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  • Benstonk
    ·2022-08-17
    Game changing. 
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  • Grolar
    ·2022-08-17
    I'm starting to despair for my Chinese ADR's holdings.
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  • StockMaskter
    ·2022-08-17
    The last hope of china stock also dashed. Goner after Ali BaBa..
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  • runningjames
    ·2022-08-17
    Wow... 
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  • Footixx
    ·2022-08-17
    😩
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