HONG KONG, Aug 18 — Chinese tech giant Tencent’s revenue grew at its slowest pace in two years, results released today showed, as it and other gaming firms now brace for an expected regulatory crackdown. Total revenues came in at US$42.3 billion (RM179 billion) for the first half of 2021, up 23...
HONG KONG, Aug 18 — Chinese tech giant Tencent’s revenue grew at its slowest pace in two years, results released today showed, as it and other gaming firms now brace for an expected regulatory crackdown.
Sales rose 20 per cent to US$21.3 billion for the second quarter while mobile games sales grew 13 per cent. Gaming giants saw a boom in profits over the last year as the coronavirus swept the globe and kept consumers at home.China’s communist rulers have been cracking down on Big Tech and other powerful sectors deemed to be out of control with signs gaming is next in the firing line.
The negative headlines have fuelled concerns the sector is next in line for the regulatory axe, which has cut into large tech firms from e-commerce behemoth Alibaba to ride-hailing giant Didi Chuxing, hammering share prices.
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