Tencent Posts First Ever Revenue Decline as Tough Gaming Regulation, Covid Lockdowns Bite
. In China, games need to get the green light from regulators before being released and monetized.
Tencent said second-quarter domestic games revenue fell 1% year-on-year to 31.8 billion yuan, while international games revenue fell the same percentage amount to 10.7 billion yuan. Tencent also said the Chinese market was experiencing"a similar digestion period due to transitional issues including relatively fewer big game releases, lower user spending, and the implementation of Minor protection measures."
"FinTech Services revenue growth was slower relative to prior quarters as COVID-19 resurgence temporarily impacted commercial payment activities in April and May," Tencent said.
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