Tencent earnings disappoint as China’s economy contracts
The internet giant's poor December quarter reinforces concern about how much Covid-19 will hurt its home market
18 March 2020 - 17:23
Tencent Holdings, in which Naspers has a more-than 30% stake, has delivered disappointing earnings and warned about a difficult advertising environment in 2020, voicing caution about how China’s first economic contraction in decades might affect its sprawling businesses.
China’s largest gaming and social media company reported lower than anticipated net income of 21.6-billion yuan ($3.1bn) in the December quarter. Overall costs swelled 20%, underscoring how Tencent is spending to acquire content and snag new users to fend off hard-charging rival ByteDance...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.