Mar 21, 2024 08:18 PM
BUSINESS
Tencent Posts Weaker Quarterly Results Amid Gaming Challenges
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Tencent’s domestic games revenue in the fourth quarter slid 3% to 27 billion yuan due to lower revenue from its flagship titles. Photo: VCG
Tencent Holdings Ltd. (腾讯) reported weaker-than-expected results in the fourth quarter of 2023, as the Chinese internet behemoth faced challenges growing its gaming business, particularly in China’s domestic market.
During the three-month period, Hong Kong-listed Tencent generated 155.2 billion yuan ($21.9 billion) in revenue, up 7% from 2022, according to its earnings report released Wednesday. That missed the average estimate of 157.4 billion yuan by analysts surveyed by Bloomberg.
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