Games, Advertising And Marketing İndustry, Video Games, Earnings, Internet, Tencent Holdings Ltd

Games, Advertising And Marketing İndustry

$10.5 billion wiped off Tencent's market value as the Chinese giant strikes a cautious note

$10.5 billion wiped off Tencent's market value as the Chinese giant strikes a cautious note


$10.5 billion wiped off Tencent's market value as the Chinese giant strikes a cautious note

Tencent reported second-quarter revenue on Wednesday that missed analyst expectations, but the company beat forecasts on earnings.

Revenue rose 21% year-on-year to 88.82 billion yuan ($12.92 billion, according to the exchange rate published in the earnings statement). That missed market estimates. However, profit attributable to shareholders beat analyst forecasts, rising 35% year-on-year to 24.14 billion yuan.

. Games need to be approved by the Chinese regulators before they can be released and monetized.

"Our assumption is that the macro environment will remain difficult for the rest of the year and that the situation of the heavy supply of advertising inventory will continue for the rest of the year and potentially into next year," he said on the company's earnings call on Wednesday.

Read more: CNBC

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