News Formal

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

  • 📰 BDliveSA
  • ⏱ Reading Time:
  • 36 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 18%
  • Publisher: 63%

Sverige Nyheter Nyheter

The fall in income is attributed to the weakening economy, but it sees creating mobile versions of its best-selling video games as the way forward

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.

 

Tack för din kommentar. Din kommentar kommer att publiceras efter att ha granskats.
Vi har sammanfattat den här nyheten så att du kan läsa den snabbt. Om du är intresserad av nyheterna kan du läsa hela texten här. Läs mer:

 /  🏆 12. in SE

Sverige Senaste nytt, Sverige Rubriker

Similar News:Du kan också läsa nyheter som liknar den här som vi har samlat in från andra nyhetskällor.

Why Tencent needs to spin off its fintech businessA separate listing could make the entity China’s fourth-largest listed company and the world’s sixth-biggest finservices firm, writes Tim Culpan
Källa: BDliveSA - 🏆 12. / 63 Läs mer »