May 19, 2022 07:21 PM

Covid Helps Cut Tencent’s Profits in Half

Tencent's office in Beijing on April 3. Photo: VCG
Tencent's office in Beijing on April 3. Photo: VCG

Tencent Holdings Ltd.’s profits halved and revenue barely grew in the first quarter of 2022, as ad sales plummeted, the country’s economy stumbled amid Covid-19 outbreaks and Beijing’s tech sector crackdown weighed on its business.

Net profit attributable to shareholders nosedived 51% year-on-year to 23.4 billion yuan ($3.46 billion), according to the internet titan’s Wednesday financial report. That figure included 18.5 billion yuan the company earned from selling down its stake in Southeast Asian internet company Sea Ltd.

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