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Net profits attributable to equity investors dropped 56 percent to 18.6 billion yuan, below the estimate of analysts of 25 billion yuan.
SERVERSLIST
China cut important lending rates on Monday to boost demand as data showed a slowdown in the month of July, indicating the world's second-largest economy is struggling to overcome the negative impact to growth that was caused by strict Covid restrictions.
The e-commerce giant Alibaba (BABA) announced this month that it had a flat revenue growth in its quarterly report for the first time in its history.
Sources claim that Tencent has reduced its stakes in portfolio companies partly for Chinese regulators to please them and partly to book its large profits on these bets.
Since February 2021 the time when the Shenzhen-based giant was at its peak, it has lost almost 60 percent of its market value. This was due to Beijing's regulatory clampdown on large internet companies. The $373 billion company still holds the title of China's most significant.
The revenue from online games, Tencent's biggest source of profit, fell in China and overseas, with each decreasing by one percent. Tencent has yet to receive a new gaming license from Chinese regulators, after they temporarily stopped approvals.
Its social network services reported a 1% increase in revenue, as WeChat made more money from its video content.
"In the short term it could be the most important growth driver," Shawn Yang, manager director of Blue Lotus Capital Advisor said in reference to WeChat video revenue.
Tencent reported 18.6 billion yuan ($2.74 billion) in advertising revenues in the second quarter, down 18% as advertisers are cautious about their budgets. However, that was not as bad as some analysts predicted, according to Yang.
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