Tencent Holdings reported a drop in annual revenue for the first time ever, as China’s economic slowdown due to the pandemic and a long-running regulatory crackdown took a toll.
The world’s largest video game company and the operator of the WeChat messaging platform turned in a revenue of 554.55 billion yuan for 2022, down 1% from a year earlier.
Analysts on average expected Tencent’s revenue to drop by about 1% to 555.15 billion yuan in 2022. Its revenue for the fourth quarter ended December rose 1% from a year earlier to 144.95 billion yuan, versus a consensus estimate of about 144 billion yuan.
