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

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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.

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.

Tech

TICKER NEWS is available on podcast apps

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For the first time, TICKER NEWS is now available on podcast apps, allowing you to hear the latest news, plus special programs

TICKER NEWS is now available as a podcast.

You can catch up on the latest news, or programs devoted to special topics including U.S. politics and TICKER AIR.

TICKER CEO Ahron Young says:

“TICKER always puts the story first. Video is in our DNA, but we want TICKER content to be available however our audience wants to enjoy it.”

“We are putting significant resources into TICKER content to make sure we get to the heart of the stories we cover.”

TICKER AIR is one of the podcasts available from TICKER

The first podcast to air is TICKER AIR, cohosted by Ahron Young and Geoffrey Thomas from Airlineratings.com

Every day, two full world news bulletins will be available, as well as three special documentary programs.

TICKER podcasts are available daily on Apple Podcasts, Spotify and Google Podcasts. Just search TICKER NEWS to subscribe.

APPLE PODCAST – https://podcasts.apple.com/au/podcast/ticker-news/id1632145760

SPOTIFY – https://open.spotify.com/show/3iidnXUXPDVWG2QMEhN0Kt?si=e2e195a8ee584fa6

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Business

Big tech stocks tumble amid market uncertainty

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Big tech companies are struggling in the markets this quarter as interest rates rise to battle inflation

Russia’s invasion of Ukraine has devalued tech stocks causing further supply chain disruptions and sending the broad S&P 500 index down about 5 per cent.

Rising interest rates triggered more severe plummets with the S&P dropping another 16 per cent and the Nasdaq Composite index by 22 per cent.

Tesla’s stock took a huge hit sinking to nearly 38 per cent its largest decline since 2010.

Amazon saw similar results falling by 35 per cent the most in over 20 years.

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Business

Google to pay millions to app developers

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App developers are accusing Google of tempting users into making in-app purchases.

The lawsuit relates to money that was made by app creators for Android smartphones.

The lawsuit was filed in a San Francisco court, where the 48,000 app developers are believed to have been affected.

“Following our win against Apple for similar conduct, we think this pair of settlements sends a strong message to big tech: the law is watching, and even the most powerful companies in the world are accountable when they stifle competition.”

Steve Berman, ATTORNEY FOR the Android developers.

Google says the settlement’s funds will support developers who have made less than USD $2 million in revenue between 2016 and 2021.

“A vast majority of U.S. developers who earned revenue through Google Play will be eligible to receive money from this fund, if they choose,” the company says.

Google says it will charge developers a 15 per cent commission on their first million in revenue.

The court is yet to approve the proposed settlement.

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