Chinese gaming and social media company Tencent Holdings announced zero-quarter earnings, its worst performance, and also reported lower-than-expected results as China’s slowdown and the freezing of new gaming licenses affected its activities.
Revenue stood at 135.5 billion yuan ($ 20.08 billion) in the quarter to March, up from 135.2 billion yuan a year ago and lower than estimates at 141 billion yuan.
Tencent, which makes most of its revenue from games like Call of Duty, said quarterly profits fell 51 percent.
This is the biggest drop in profitability since 2004 when the company was listed on the stock exchange.
Source: Capital
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