Annual Profits at Tencent Fall to $27 Billion Following China Slowdown
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variety.comPatrick Frater Asia Bureau Chief It is becoming harder not to perceive Tencent, China’s tech and entertainment giant and the world’s largest games firm by revenue, as a utility.
It is now too big to be a growth stock darling and too widely-spread to escape the gravity of China’s underlying economic trends.
Revenues in calendar 2022 flatlined at RMB554 billion, while net profits dropped 16% to RMB188.2 billion ($27.0 billion). The decrease reflected China’s economic reversal that began in the second quarter of the year with the arrival of a new COVID strain and stricter government measures to combat it.
Tencent’s advertising revenues fell slightly, costs rose somewhat, and subscriber number were mixed – rising in music, but falling in video.
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