Tencent has reported its first decline in quarterly revenues, with China’s most valuable company shaken by the country’s slowing economy and a regulatory crackdown.
The tech group missed analysts’ sales expectations after posting quarterly revenue of Rmb134bn in the three months to June 30, down 3 per cent from the same period last year and below forecasts of Rmb135.6bn.
Tencent’s net profit also fell to Rmb18.6bn (US$2.7bn), down from Rmb43bn in the second quarter of 2021, and missing analyst estimates of Rmb25bn.
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