China’s Tencent posts weaker than expected revenue growth

By Thomson Reuters Mar 20, 2024 | 3:48 AM

By Josh Ye

HONG KONG (Reuters) – China’s Tencent Holdings posted a 7% rise in fourth-quarter revenue on Wednesday, trailing analysts’ expectations, as China’s economic slowdown takes a toll.

The world’s largest video game company and operator of the WeChat messaging platform said revenue reached 155.19 billion yuan ($21.56 billion) for the three months ended Dec. 31. That compared with the 157.2 billion yuan average of 23 analyst estimates compiled by LSEG.

For all of last year, Tencent’s revenue rose 10% to 609 billion yuan, which trails expectations at 612.2 billion yuan.

($1 = 7.1995 Chinese yuan renminbi)

(Reporting by Josh Ye; Editing by Kim Coghill)