Tencent Holdings Ltd warned it will take time for Beijing to act on promises to prop up the Chinese tech sector, suggesting the embattled industry may struggle to grow in the short term.
The comments from executives came after Tencent reported revenue growth all but evaporated in the first quarter, walloped by sweeping government restrictions as well as lockdowns across the country. The quarantining of much of Shanghai – the nation’s finance and media hub – obliterated commercial payments and may undercut advertising spending in the current quarter, they said, depressing big drivers of the social media giant’s business.
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