Tencent Posts First Revenue Drop Since 2004 IPO

SINGAPORE—Tencent Holdings almost two-decade development streak got here to an finish after the Chinese social-media and videogame big posted its first quarterly income decline because it went public in 2004.

Tencent’s April-June income dropped 3% from a yr earlier to the equal of $20 billion, the corporate stated Wednesday, as China’s slowing financial system additional dented its online-advertising income, whereas its videogame enterprise continued to battle from tighter rules at dwelling. Its internet revenue tumbled 56% to the equal of round $2.8 billion. Both missed the expectations of analysts polled by FactSet.