China's Tencent sees first quarterly revenue drop ever

Wednesday, 17. August 2022 10:42

Tech conglomerate Tencent Holdings reported on Wednesday that its quarterly revenue declined for the first time since the company's listing in 2004, pulled by fewer approvals of its video games and coronavirus-related lockdowns in China.

Tencent noted its revenue declined by 3% to 134.03 billion Chinese yuan in the trimester ending June 30, failing to meet market estimates, with operating profit plunging 55% to 19.23 billion yuan and diluted earnings per share landing at 1.92 yuan.

"Looking forward, we will focus on enhancing the efficiency of our businesses and launching new revenue initiatives, including in-feed advertisements in our popular Video Accounts, while continuing to drive innovation through R&D," the owner of the WeChat social media platform noted.

Related Links: Tencent Holdings Ltd.
Baha Breaking News (BBN) / ND