HONG KONG : China's Tencent reported on Wednesday its quarterly profit halved from a year ago and revenues stagnated, blaming cuts in advertising spending by consumer, e-commerce and travel businesses for its worst performance since it went public in 2004.
The Shenzhen-based company has lost more than half its market value since it peaked in February 2021 following Beijing's regulatory crackdown to rein in the influence of large internet firms, it remains though China's most valuable company. Lau also added that while stricter regulations could become"normal practices", COVID outbreaks had emerged as a bigger challenge.
Tencent's domestic game revenue dropped 1 per cent in the first quarter while international game revenue rose 4 per cent. With Chinese regulators imposing draconian measures to keep minors from playing video games and curbing aggressive monetization features, Tencent has turned to overseas markets for growth.
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