by Amruth Sundarkumar | Sep 1, 2022 | China, Corporates
Chinese conglomerate Tencent plans to focus on divestments this year due to pressure from investors and regulators, FT reported. Depending on the market situation and internal profit targets, Tencent looks to offload around RMB 100bn ($14.5bn) from its $88bn listed...
by Amruth Sundarkumar | Aug 18, 2022 | China, Corporates
Tencent reported a 56% YoY fall in net profit to RMB 18.6bn ($2.7bn), lower than analysts’ estimates of RMB 25.3bn ($3.7bn) in Q2. Revenue dipped 3% YoY to RMB 134bn ($19.8bn), its first decline since 2004. The government’s regulatory clampdown, which started in...
by Amruth Sundarkumar | Aug 17, 2022 | Corporates, Global
Chinese conglomerate Tencent Holdings is looking to sell most of its $24bn stake in food delivery giant Meituan to alleviate the regulator’s concern, Reuters reported. The company has a 17% stake in Meituan, which it invested in eight years ago. The tech major...
by Amruth Sundarkumar | May 19, 2022 | China, Corporates
Tencent reported almost no revenue growth during Q1 2022 at RMB 135.5bn ($20bn), much lower than consensus estimates of RMB 141bn ($20.9bn). This was its slowest quarterly sales since it got listed. Its quarterly profits were at RMB 23.4bn ($3.5bn), down 51% YoY....
by Amruth Sundarkumar | Mar 24, 2022 | China, Corporates
Tencent Holdings reported its slowest quarterly revenue growth since its IPO in 2004 during its Q4 2021 results. Q4 revenues rose 8% YoY to RMB 144.2bn ($ 22.6bn) as it was impacted by China’s regulatory clampdown on the domestic technology sector. Profit attributable...
