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.
