Tencent Holdings reported its sharpest ever quarterly profit decline on Thursday...
HONG KONG - Tencent Holdings reported its sharpest ever quarterly profit decline on Thursday, hit by China’s regulatory review of new games and one-off charges, and warned of slower video game launches due to a prolonged approval process.
But it has yet to allow Tencent, Asia’s second-most valuable listed company, to charge users for such hit games as “PlayerUnKnown’s Battlegrounds Mobile” and “Fortnite: Battle Royale”. The suspension in approvals has prevented Tencent from making money out of some of its most popular games, leading to the company losing more than $100 billion in market capitalization last year.
Revenue in the quarter rose 28 percent to 84.9 billion yuan, slightly ahead of an average estimate of 83 billion yuan from 19 analysts Online advertising in 2018 grew 44 percent to 58.1 billion yuan, helped by a 55 percent rise in social and other advertising revenue driven by its popular social media platform WeChat and others.Tencent says non-gaming business revenue contribution to rise
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