China’s internet crackdown pushes Tencent to slowest profit growth in 2 years

Chinese gaming and social media giant Tencent Holdings posted a 3% rise in third-quarter profit on Wednesday, its slowest growth in two years, impacted by increased regulation and a slowdown in advertising.

Net profit for the three months through September rose to 39.5 billion yuan ($6.18 billion), the company said in a statement. This beat analyst expectations who were predicting a decline, according to Refinitiv data.

Revenue climbed 13% to 142.4 billion yuan, slightly below expectations, and was the slowest quarterly growth since the company went public in 2004, Refinitiv data showed.

China’s largest company by market value was hit by new limits on the amount of time minors can spend playing video games. The government has not approved any new games since August.