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Net profit attributable to equity holders fell 56 percent to 18.6 billion yuan, which is below analysts estimate of 25 billion yuan.
China has cut its key lending rates on Monday to revive demand as data showed a slowdown in the month of July which suggests that the world's second largest economy is struggling to overcome the second quarter's hit to growth that was caused by rigid Covid restrictions.
E-commerce giant Alibaba (BABA) reported this month that it had a flat quarterly revenue growth for the first time in its history.
Sources claim that Tencent has been reducing its holdings in portfolio companies partly for Chinese regulators to please them and partly to book its large profits on those bets.
The Shenzhen-based company has lost almost 60% of its market value since its peak in February 2021 after Beijing's crackdown on regulation to rein in the influence of large internet firms. gaming The $373 billion company has the title of China's most important.
The revenue from online games, Tencent's big source of profit, fell in the home and abroad, each falling by one percent. Tencent has yet to get a new gaming license from Chinese regulators following a temporary halted approvals.
The social network's services reported an increase of 1% in revenue as WeChat earned more from its video content.
Shawn Yang, manager director at Blue Lotus Capital Advisor, said that "in the short term, it may be the biggest growth driver," referring to WeChat revenue.
Tencent reported 18.6 Billion Yuan ($2.74 Billion) in advertising revenue during the second quarter. This was less than the analyst had anticipated. However, Yang said that advertisers are still cautious with their budgets. Yang also stated that this wasn't as bad of a result as some analysts had predicted.
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