Tencent revenue stagnates with China crackdowns and lockdowns

Hong Kong (AFP) May 18, 2022

Chinese internet giant Tencent on Wednesday reported record-low quarterly revenue growth as Beijing's regulatory crackdown - and the country's economically debilitating coronavirus lockdowns - continued to wipe out gains in the tech sector. Revenue for the Shenzhen-based firm came in at 135.5 billion yuan ($20.1 billion) in the first quarter, putting year-on-year growth at nearly zero.