Chinese gaming and social media giant Tencent reported no revenue growth in the first quarter, its worst performance since it went public in 2004
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.
Lau also added that while stricter regulations could become "normal practices", COVID outbreaks had emerged as a bigger challenge. Still, regulatory curbs have hurt many of Tencent’s revenue engines including video games. After freezing new game licences for 8 months, Beijing resumed issuing licenses in April but the latest batch of new licenses did not include games from Tencent, which makes much of its money by developing games such as 'Honour of Kings' and 'Call of Duty Mobile'.
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