WeChat mascots on display inside Tencent office in Guangzhou, China. - Reuters
BEIJING: Chinese technology giant Tencent Holdings Ltd. posted a rare profit decline and lower-than-expected sales Wednesday as government regulators stymie its ability to make money from its most popular games.
The disappointing earnings report—and the company’s acknowledgment that it is at the mercy of Chinese regulators—is the latest in a series of recent setbacks for Shenzhen-based Tencent, whose share price has tumbled more than 17% this year.
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