China Business Blog - Aggregated China Business Blogs
Aggregated China Business Blogs
Tencent posts first revenue drop as China economy weakens
Aggregated Source: ChinaTechNews.com

HONG KONG (REUTERS) – China's Tencent Holdings suffered its first ever quarterly sales fall on Wednesday, hurt by a government clampdown on game approvals and playing time, as well as Covid-19 lockdowns and a weakening economy that squeezed ad sales.

The contraction marks a nadir for the gaming giant and owner of the WeChat messaging platform which has reported double digit growth almost every quarter since it went public in 2004, as Beijing's crackdown on big tech companies that began in late 2020 puts the brakes on its expansion.

Tencent posts first revenue drop as China economy weakens comes via ChinaTechNews.com.

Original URL: Click here to visit original article
Copyright ChinaTechNews.com





Warning: Use of undefined constant php - assumed 'php' (this will throw an Error in a future version of PHP) in /home/chinabus/public_html/wp-content/themes/aggregation-colors/single.php on line 80