FILE PHOTO: A staff member is seen at a booth of Tencent at an exhibition during China Internet Conference in Beijing, China July 13, 2021. REUTERS/Tingshu Wang
HONG KONG : China’s Tencent Holdings reported on Wednesday its first ever quarterly sales fall, hurt by a lack of game approvals and regulations that limit playing time, as well as COVID-19 lockdowns and a weak economy that squeezed ad sales.
Tencent, the world’s largest video game company and the operator of the WeChat messaging platform, said revenue fell 3 per cent to 134.034 billion yuan ($19.78 billion) for the three months ended June 30.
Analysts on an average expected 134.6 billion yuan, according to Refinitiv Eikon data.
($1 = 6.7756 Chinese yuan renminbi)
Source: Reuters