The effects of most unfavorable economic context and also him challenges brought to the playground by increasing rules in the Chinese market are weighing on Tencent’s accounts, leading the company to even debut. Created in 1998, until now Chinese technology I have never seen recipes go backwards.
In the second quarter, the company posted a 3% year-on-year drop in revenue to 134.03 billion yuan, equivalent to 19.4 billion euros. This figure was below the estimates made by Refinitiv analysts, who pointed to values of 134.6 billion yuan (19.5 billion euros).
The company’s profit was also down from a year ago: the company posted a net profit of 28.1 billion yuan, about 4.1 billion euros, down 17% year-on-year.
Ma Huateng, “chairman” and CEO of Tencent, points out that the company has already put in place some measures to overcome a period that is bringing “difficult conditions for revenue”. “In the second quarter we already exited some non-core businesses, reduced our marketing expenses and cut operating expenses,” he says in a statement.
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Source: Observadora
