Tencent profit halves in worst performance since listing

Despite outperforming other Chinese tech stocks, the Tencent share price is still down substantially, the writer says. In this file photo people walk past Tencent's headquarters in Shenzhen, Guangdong province, China. Picture: REUTERS/DAVID KIRTON

Tencent, operator of the WeChat messaging platform and the world's largest video game company, said ad sales slumped 18% in the first quarter ended March 31, following a 13% drop in the October-December period. Charlie Chai, vice-head of research at 86Research, said Tencent’s sensitivity to the macroeconomy was rising, particularly for its ad and payments businesses.

Following its unprecedented regulatory crackdown, which began in late 2020 and slammed Chinese tech companies, Beijing soothed tech executives on Tuesday, saying the government supported the development of the sector and public listings — a sign that restrictions on the sector were easing.

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