Tencent Posts Steepest Profit Decline Since Going Public
Tencent Holdings posted its worst-ever quarterly profit drop and slowest revenue growth in nearly two decades, as China’s pandemic resurgence hit a technology giant already struggling with a yearlong regulatory crackdown.
The social-media and videogame behemoth said Wednesday that first-quarter revenue rose 0.1% from a year earlier to 135.47 billion yuan, or $21.3 billion, based on an exchange rate of 6.3482 yuan to a dollar that Tencent used. Net profit fell 51% to 23.41 billion yuan, the world’s largest videogame developer said. That was Tencent’s biggest profit decline since listing in Hong Kong in 2004, data from S&P Global Market Intelligence showed.
Tencent Holdings posted its worst-ever quarterly profit drop and slowest revenue growth in nearly two decades, as China’s pandemic resurgence hit a technology giant already struggling with a yearlong regulatory crackdown.
The social-media and videogame behemoth said Wednesday that first-quarter revenue rose 0.1% from a year earlier to 135.47 billion yuan, or $21.3 billion, based on an exchange rate of 6.3482 yuan to a dollar that Tencent used. Net profit fell 51% to 23.41 billion yuan, the world’s largest videogame developer said. That was Tencent’s biggest profit decline since listing in Hong Kong in 2004, data from S&P Global Market Intelligence showed.
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