Tencent’s ‘unbearable’ quarterly earnings drop of 13%

Tencent's game Fortnite is played by more than 250-million people. Picture: AFP/FREDERIC J BROWN

Net income fell 13% to 20.4-billion yuan in the September quarter, well below the 23.5-billion yuan average of estimates. The Chinese social media and entertainment behemoth reported a 90% drop in one-time gains — an item that tracks its vast portfolio of start-ups around the world — after swallowing charges for investments in connected vehicles.

China’s economic slowdown is dousing revenue growth across Tencent’s platforms, dampening appetite for advertising among large brands as well as subscriptions to its video and music streaming services. Sales from media advertising, including on the Netflix-like Tencent Video service, plummeted 28% as marketers cut spending while major shows got delayed.

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