HONG KONG, Aug 17 — Chinese tech giant Tencent today posted its first drop in quarterly revenue since going public, as the company grapples with China’s economic downturn, pandemic disruptions and ongoing scrutiny from regulators.
“We actively exited non-core businesses, tightened our marketing spending, and trimmed operating expenses, enabling us to sequentially increase our non-IFRS earnings, despite difficult revenue conditions,” the company said in the statement. Beijing started approving new video games again in April after a hiatus, but no Tencent games were on the list, meaning it must rely on older titles like “Honour of Kings” for revenue.
“Tencent has tightened its belt as the Chinese tech industry embraces a downturn,” Analyst Willer Chen at Forsyth Barr Asia told Bloomberg News. The latest economic slump has further damaged bottom lines for the sector’s biggest firms, with Alibaba Group earlier this month reporting flat quarterly revenue growth for the first time.
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