Tencent posts first-ever first revenue decline
• The company's revenue in the April-June quarter fell 3% from a year earlier
Tencent posted its first ever quarterly year-on-year revenue decline as stricter regulations around gaming in China and a resurgence of Covid-19 in the world’s second-largest economy hit the technology giant.
The company's revenue in the April-June quarter fell 3% from a year earlier to 134 billion yuan ($20 billion), as online advertising revenue fell. Net profit attributable to equity holders slashed 56% year-on-year to 18.6 billion yuan.
Tencent said second-quarter domestic games revenue fell 1% year-on-year to 31.8 billion yuan, while international games revenue fell the same percentage amount to 10.7 billion yuan.
Tencent has exited some non-core businesses, trimmed operating expenses while enhanced business efficiency during the second quarter, said Pony Ma, chairman and chief executive officer of the company.
The company said it saw decreased revenue in the second quarter from some of its long-established hit games like PUBG Mobile and Honor of Kings.
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