Tencent Holdings signaled it will reduce its reliance on gaming in China, where ...
HONG KONG - Tencent Holdings signaled it will reduce its reliance on gaming in China, where a regulatory review and one-off investment costs led to its sharpest-ever quarterly profit drop and slowest annual profit growth in 13 years.
Asia’s second-most valuable company also said it will move younger staff into middle management in a shake-up that will see around 10 percent of its managers retire or become consultants. Smartphone games, Tencent’s largest single revenue generator, grew 12 percent in the fourth quarter from a year earlier to 19 billion yuan, compared to 24 percent for 2018.Lau warned Tencent’s gaming releases in China this year would be initially be slower than previous years, this is due to a large backlog of requests the Chinese regulator has to go through. Tencent will seek to grow gaming revenue from overseas markets by exporting its games as well as investment, Lau said.
China’s falling automobile sales amid the country’s weakest economic growth in nearly three decades meant advertisers, especially big-ticket automobile firms, have “become more conservative” in their spending, Lau said.
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