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Tencent has published the sharpest decline in profits since going public

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Tencent has published the sharpest decline in profits since going public

Tencent Holdings published the worst-ever drop in quarterly profits and the slowest revenue growth in nearly two decades when the resumption of the pandemic in China hit a technology giant that is already battling annual regulatory measures.

On Wednesday, the social media and video game giant said first-quarter profit rose 0.1% from a year earlier to 135.47 billion yuan, or $ 21.3 billion, based on an exchange rate of 6.3482 yuan per dollar. which used Tencent. Net income fell 51% to 23.41 billion yuan, according to the world’s largest video game developer. This was Tencent’s biggest drop in profits since listing in Hong Kong in 2004, according to S&P Global Market Intelligence.

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