Caixin
May 20, 2022 07:56 PM
TECH INSIDER

Tech Insider: More Sluggish Tech Earnings, Foxconn Plans Malaysia Chip Plant 

Foxconn's headquarters in Taipei, Taiwan, on July 15, 2021. Photo: VCG
Foxconn's headquarters in Taipei, Taiwan, on July 15, 2021. Photo: VCG

Welcome to Caixin’s Tech Insider, your twice-weekly wrap on the movers, shakers and deal-makers in China’s tech scene.

Tencent, Xiaomi report lackluster earnings

Tencent Holdings Ltd. and Xiaomi Corp. lost steam in the first quarter as Covid-19 lockdowns continued to weigh on businesses.

In the three months through March, Tencent’s net profit attributable to shareholders plummeted 51% year-on-year to 23.4 billion yuan ($3.46 billion), on basically flat revenue of 135.5 billion yuan, according to its Wednesday financial report.

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