$10.5 billion wiped off Tencent's market value as the Chinese giant strikes a cautious note

The stock later pared some losses and was down around 2.5% at 11:42 a.m. HK/SIN. That equated to around $10.5 billion of value being wiped out.

The company's gaming division returned to growth, posting revenue of 27.3 billion yuan, up 8% year-on-year. Mobile games in particular were up 26%. Another bright spot was the company's financial technology and business services division, which includes revenues from, Tencent's wealth management product and cloud computing. That business was up 37% year-on-year to 22.9 billion yuan.

"Our assumption is that the macro environment will remain difficult for the rest of the year and that the situation of the heavy supply of advertising inventory will continue for the rest of the year and potentially into next year," he said on the company's earnings call on Wednesday.

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