Tencent said its advertising revenue growth rate slowed in the period, citing such regulatory factors as well as macro challenges. Chinese gaming and social media giant Tencent Holdings posted its slowest revenue growth since it went public in 2004 on Wednesday, hurt by a regulatory crackdown, and said the outlook for the advertising sector would remain weak into next year. Revenue climbed 13% to 142.4 billion yuan, slightly below expectations, and was the slowest quarterly growth since the company went public in 2004, Refinitiv data showed. The regulatory crackdown has also hit tutoring centres and the medical beauty industry and curbed appetite from such industries for advertising. Tencent said its advertising revenue growth rate slowed in the period, citing such regulatory factors as well as macro challenges.

Source: The Hindu November 10, 2021 15:38 UTC