Tencent posted its biggest quarterly profit drop since listing in Hong Kong in 2004, with net profit plummeting 51% and revenue up just 0.1% year-on-year. A year of regulatory overhauls in China have hit the social media and gaming giant, compounded by a new wave of outbreaks. Tencent said it will take time for the company to digest regulatory requirements, which have reduced its advertising and gaming revenue over the past year. Tencent also warned that the epidemic and anti-epidemic measures may delay the recovery of its advertising business. The world’s largest game developer also said it will adjust its game business strategy to focus on quality over quantity, as it believes fewer game licenses will be issued in China in the next few years.
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