Tencent, following Alibaba, reported its first-ever revenue drop, as China’s tech giants struggle with tight regulations and a slowing economy
Economic woes weigh on Chinese social-media giant’s online-ad revenue, while regulatory scrutiny hits videogame business
China’s Tencent is backing the developers of blockbuster videogames such as “Pokémon Unite” and “League of Legends.” But Beijing’s crackdown on the industry at home, including when minors can play online games, could affect the company’s global videogame empire. Photo composite: Sharon ShiSINGAPORE— Tencent Holdings Ltd.
Tencent’s April-to-June revenue dropped 3% from a year earlier to the equivalent of $20 billion, the company said Wednesday, as China’s slowing economy further dented its online-advertising revenue, while its videogame business continued
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