Tencent posts slowest revenue growth since 2004 amid regulatory crackdown

SHANGHAI (Reuters) – Chinese gaming and social media giant Tencent Holdings posted its slowest revenue growth since it went public in 2004 on Wednesday, hurt by a regulatory crackdown, and said the outlook for the advertising sector would remain weak into next year.

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.

Net profit for the three months through September rose 3% 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. Non-IFRS profit fell 2%, the company said.