China’s Tencent Holdings reported on Wednesday its first ever quarterly sales fall, hurt by a lack of game approvals and regulations that limit playing time, as well as COVID-19 lockdowns and a weak economy that squeezed ad sales.
Tencent, the world’s largest video game company and the operator of the WeChat messaging platform, said revenue fell 3% to 134.034 billion yuan ($19.78 billion) for the three months ended June 30.
Analysts on an average expected 134.6 billion yuan, according to Refinitiv Eikon data.
Discover the stories of your interest
Stay on top of technology and startup news that matters. Subscribe to our daily newsletter for the latest and must-read tech news, delivered straight to your inbox.