Earnings

profits plunge amid China Covid lockdowns, regulation

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Signage for Tencent Holdings atop an office building in Shanghai, China, on March 22, 2022. China’s Tencent reported on Wednesday its quarterly profit halved from a year ago and revenues stagnated, blaming cuts in advertising spending by consumer, e-commerce and travel businesses for its worst performance since it went public in 2004.

Qilai Shen | Bloomberg | Getty Images

BEIJING — Chinese tech giant Tencent reported disappointing first quarter revenue across all major business segments, including a hit to mobile pay from Covid lockdowns.

Shares of Tencent, the largest Hong Kong-listed Chinese stock by market value, traded nearly 7% lower Thursday, pulling down the broader Hang Seng…



Source cnbc.com

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