Last year was a dismal one for China’s gaming giant Tencent. Another poor set of quarterly results Thursday capped the company’s annus horribilis. Net profit for the three months through December fell 32% compared with the same period of 2017—the worst fall since its initial public offering in 2004. Tencent got battered after the government stopped approving games in March. Last year the company made 41% of its sales, and likely most of its profits, from games.

Source: Wall Street Journal March 21, 2019 13:03 UTC