Tencent reported a drop in quarterly revenue — for the first time since going public in 2004

In the second quarter, Tencent‘s revenue fell 3% to $20 billion. Most likely, this is due to the consequences of lockdowns, the company’s lack of new licenses to publish games in China and strict control by the country’s authorities.

▪️Operating profit fell by 14% to $5.5 billion.
▪️Tencent’s revenue from games amounted to $6.27 billion (-1%).
▪️Revenue from international games — $1.58 billion (-1%).
▪️Revenue from Chinese games — $4.69 billion (-1%).