Tencent posts quarterly drop, to distribute $20.three billion in Meituan shares

© Reuters. FILE PHOTO: A man walks outside the Tencent headquarters in Nanshan district of Shenzhen, Guangdong province, China September 2, 2022. REUTERS/David Kirton

By Josh Ye

HONG KONG (Reuters) – Tencent Holdings (OTC:) on Wednesday reported a second straight quarterly revenue drop, as China’s economic slowdown and regulatory crackdown hit its ad and gaming businesses.

Tencent, the world’s largest video game company and the operator of the WeChat messaging platform, said revenue fell 2% to 140 billion yuan ($19.8 billion) for the three months ended Sept. 31 from 142.3 billion yuan a year earlier.

Analysts on an average expected 141.6 billion yuan in revenue, according to Refinitiv.

($1 = 7.0858 renminbi)

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