SHANGHAI—Chinese gaming and social media giant Tencent Holdings posted its slowest revenue growth since it went public in 2004 on Wednesday, hurt by a regulatory crackdown, and said the outlook for the advertising sector would remain weak into next year. Revenue climbed 13 percent to 142.4 billion yuan, slightly below expectations, and was the slowest quarterly growth since the company went public in 2004, Refinitiv data showed. Net profit for the three months through September rose 3 percent to 39.5 billion yuan ($6.18 billion), the company said in a statement. This beat analyst expectations who were predicting a decline, according to Refinitiv data. Non-IFRS profit fell 2 percent, the company said. China’s largest company by market value has been hit on multiple fronts by new regulation, including new limits on the amount of time children can spend playing video games. The regime has not approved any new games since August. …
China’s Regulatory Crackdown Pushes Tencent to Slowest Revenue Growth Since 2004
November 10, 2021
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