Tencent's Profit, Revenue Miss Expectations Amid Slowing Chinese Economy
By Tracy Qu
Chinese technology giant Tencent Holdings reported worse-than-expected earnings in the fourth quarter as the company continued to navigate a slowing economy.
The videogame and social-media company said Wednesday that its fourth-quarter net profit fell to 27.025 billion yuan ($3.75 billion) from CNY106.27 billion a year earlier. The result missed the CNY34.05 billion profit expected in a FactSet poll of analysts.
The Shenzhen-based company attributed the net profit decline to a CNY106.6 billion gain from the deemed disposal of Meituan in fourth quarter of 2022.
Revenue for the period rose 7.1% to CNY155.20 billion, lower than a FactSet estimate of CNY156.21 billion.
The results come as Beijing stikes a positive tone on the country's tech industry. Chinese Premier Li Qiang in March called artificial intelligence an important engine for the "new productive forces," according to state media.
Write to Tracy Qu at tracy.qu@wsj.com
(END) Dow Jones Newswires
March 20, 2024 05:22 ET (09:22 GMT)
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