Tencent gives China bulls little to run with, writes mak_robyn
Tencent on May 18 reported flat revenue growth from a year earlier in the three months to end-March, with revenue at 135.5 billion yuan . That compares to the 141 billion yuan average forecast from 16 analysts, according to Refinitiv.
Adjusted earnings attributable to equity holders, after excluding share-based compensation and one-offs, fell 23% to 25.5 billion yuan. Separately, Chinese Vice Premier Liu He told technology executives that the government will support companies pursing listings abroad and at home and also look to support the healthy development of the country's so-called platform economy, state broadcaster CCTV quoted him as saying on May 17.
The meeting was called to discuss how to promote the development of the digital economy and was attended by nearly 100 members, the broadcaster said.A cosplay fan poses for a photo at a Tencent Games booth during the China Digital Entertainment Expo and Conference, also known as ChinaJoy, in Shanghai, China July 30, 2021. Picture taken July 30, 2021. REUTERS/Aly Song - RC2QUO9VZB2C
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