Caixin
Aug 16, 2018 03:20 AM
BUSINESS & TECH

Tencent Posts Rare Profit Drop

Tencent posts its first quarterly net profit decline in 13 years. Photo: VCG
Tencent posts its first quarterly net profit decline in 13 years. Photo: VCG

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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