The company is attempting to reverse a slower rate of growth after a crackdown by authorities
People walk past Tencent's headquarters in Shenzhen, Guangdong province, China. File photo: REUTERS/DAVID KIRTON
With a mere 13% increase, revenue for the third quarter was rather pedestrian and the biggest miss in more than two years. Only its fintech and business services unit showed much strength, climbing 30% thanks to higher commercial payments and the consolidation of an online car-sales unit it took private in 2020. Unfortunately, that same division is a laggard when it comes to profitability, so it punches below its weight when contributing to overall profits.
Even Tencent’s bottom line was padded by passive income rather than its actual operations. The company lumps interest and gains from investments into operating profit, but take those items away and the metric dropped 7% for the quarter.
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