Tencent's Q1 profit halves, revenue flat as crackdown, COVID-19 weigh

Tencent's Q1 profit halves, revenue flat as crackdown, COVID-19 weigh

REUTERS/Aly Song

China’s Tencent reported on Wednesday its quarterly profit halved from a year ago and revenues stagnated, blaming cuts in advertising spending by consumer, e-commerce and travel businesses for its worst performance since it went public in 2004.

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