Tencent, China’s second most valuable listed company, saw fourth-quarter profits drop an unprecedented 32 per cent year on year as it ramped up spending to restructure after a slowdown in its gaming business.
Profit attributable to shareholders fell to Rmb14.23bn ($2.13bn), below a consensus prediction of Rmb18.3bn from analysts polled by Refinitiv, while revenues rose 28 per cent to Rmb84.9bn, ahead of expectations, but half the level of growth seen a year ago.
The company is at an inflection point as it tries to wean itself off its heavy dependence on gaming and tilt away from consumer-facing messaging, live-streaming and social media services, where it faces intense competition from a new generation of tech start-ups.
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