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

SHANGHAI (Reuters) – 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.