China’s Regulatory Crackdown Pushes Tencent to Slowest Revenue Growth Since 2004

China’s Regulatory Crackdown Pushes Tencent to Slowest Revenue Growth Since 2004
A Tencent logo is seen in Beijing, China on Sept. 4, 2020. Tingshu Wang/Reuters
Reuters
Updated:

SHANGHAI—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 percent to 142.4 billion yuan, slightly below expectations, and was the slowest quarterly growth since the company went public in 2004, Refinitiv data showed.