Bloomberg: Tencent Holdings Ltd. delivered disappointing earnings and warned about a difficult advertising environment in 2020, voicing caution about how China’s first economic contraction in decades might affect its sprawling businesses.
China’s largest gaming and social media company reported lower than anticipated net income of 21.6 billion yuan (US$3.1bil) in the December quarter.
Overall costs swelled 20%, underscoring how Tencent is spending to acquire content and snag new users to fend off hard-charging rival ByteDance Inc.
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