Chinese internet giant squeezed by last Covid-19 lockdowns
The annual profit of global internet and media company Naspers almost halved because of lower contributions from Chinese internet giant Tencent, which was hit by Covid-19 lockdowns in China and geopolitical and macroeconomic uncertainty.
The company, valued about R1.3-trillion on the JSE, said in its results for the year to end-March that its profit fell 46.3% to $9.96bn and its core headline earnings, the company’s preferred performance metric, 48.2% to $1.1bn ...A subscription helps you enjoy the best of our business content every day along with benefits such as articles from our international business news partners; ProfileData financial data; and digital access to the Sunday Times and TimesLive Premium.
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