Chinese games and Social media giant Tencent Holdings reported steady revenue growth in the first quarter, the worst of its kind in history, and missed market estimates as China’s economic slowdown and freezing of new gaming licenses affected its business.
In the quarter ended March, revenue was 135.5 billion yuan (320.4 billion yuan) against 135.3 billion yuan in the same quarter last year and below analysts’ average of 141 billion yuan from 16 analysts, according to analysts. Refinitive.
Profits owned by the company’s shareholders also fell 51%.
The news led to a drop in shares of Tencent’s largest shareholder, quoted in Amsterdam by Prosus. The mother of Prosus Naspers also fell sharply at auction at the JSE in Johannesburg.
At 10.40 South African time Prosus was trading at 3.6% at E45.16 per share; Naspers fell 4.7% to 1,599 rubles per share. – Josh Ye, (c) 2022 Reuters, with additional reports (c) 2022 NewsCentral Media
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