Tech

Tencent’s revenue plummets amid warning China’s tech crackdown is here to stay

Published

4 years ago

May 19, 2022

Chinese tech giant, Tencent has recorded its first ever quarter-to-quarter revenue fall

Tencent Holdings dropped by more than 8 per cent. The firm’s Hong Kong-listed shares also plunged after posting its slowest revenue growth since it went public in 2004.

Executives are warning it will take time for Beijing to act on promises to prop up the Chinese tech sector.

The company notes government restrictions and lockdowns have impacted its business.

Tencent is chasing service deals across video, cloud and cybersecurity.

The company’s president is cautioning investors not to expect China’s Government to make life easier for Tencent in the short term.

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Costa Haritos

Costa is a news producer at ticker NEWS. He has previously worked as a regional journalist at the Southern Highlands Express newspaper. He also has several years' experience in the fire and emergency services sector, where he has worked with researchers, policymakers and local communities. He has also worked at the Seven Network during their Olympic Games coverage and in the ABC Melbourne newsroom. He also holds a Bachelor of Arts (Professional), with expertise in journalism, politics and international relations. His other interests include colonial legacies in the Pacific, counter-terrorism, aviation and travel.