Tencent Posts Rare Profit Drop
Chinese internet and entertainment giant Tencent Holdings Ltd. reported a profit decline in the second quarter, ending a growth streak of more than a decade, as investment gains slid and the government’s scrutiny of the gaming business weighed on the company.
Tencent said Wednesday that its net income for the second quarter declined 2% from a year earlier to 17.9 billion yuan ($2.60 billion), the first quarterly drop since 2005. The operating profit in the same period fell 3%, to 21.8 billion yuan.
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