Tencent posts flat growth in Q1 revenue, misses estimates

This post was originally published on this site


HONG KONG (Reuters) – Chinese gaming and social media giant Tencent Holdings (OTC:TCEHY) reported flat growth in first-quarterly revenue, its worst ever such performance, and also missed market estimates as China’s economic slowdown and a freeze on new game licences weighed on its business.

It posted revenue of to 135.5 billion yuan ($20.08 billion)in the quarter ended March, versus 135.3 billion yuan in the same quarter last year, and below an average analyst estimate of 141 billion yuan drawn from 16 analysts, according to Refinitiv.

Profit attributable to equity holders of the company also fell 51%.

($1 = 6.7488 Chinese yuan renminbi)