(Reuters) Chinese tech giant Tencent Holdings posted a 17-year low revenue growth due to the ongoing regulatory crackdown in the country.
Tencent’s top line grew 13% to 142.4 billion yuan in the third quarter, marking its slowest quarterly growth since it went public in 2004, and slightly below market expectations.
Net profit jumped 3% to 39.5 billion yuan, beating analyst expectations of a net loss during the month. The company reported a non-IFRS net profit decline of 2%.
The latest figures come amid China’s crackdown on the internet industry, imposing punishments to popular firms for getting involved in what were previously considered accepted market practices.
Advertising revenue was hit by regulatory factors, and is expected to remain low in succeeding quarters.
TCEHY is up 0.08%.
