Tencent missed both revenue and profit forecasts in its earnings report for the second quarter as revenue fell 3% year-on-year to $19.78 billion. It blamed the results.
In context: Chinese tech giant Tencent isn’t having the best of times right now. Many of its problems stem from its home country’s strict regulations on granting video game licenses—the company hasn’t been able to secure one for 14 months. The situation has seen the Tencent post its first ever revenue decline, and it is now placing more focus on overseas markets.
Tencent missed both revenue and profit forecasts in its earnings report for the second quarter as revenue fell 3% year-on-year to $19.78 billion. It blamed the results on disruption caused by China’s Covid Zero policy and strict gaming regulations.
The South China Morning Post reports that the Tencent Game Developers Conference saw the company highlight expansion opportunities in overseas markets for both its own games and those from other Chinese developers, with the Middle East, Latin America, and Southeast Asia singled out as growing markets.
