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Chinese tech giant Tencent posts first drop in quarterly revenue since going public

Source: Pixabay

Chinese tech giant Tencent on Wednesday posted its first drop in quarterly revenue since going public, an earnings statement said, as the company grapples with China’s economic downturn, pandemic disruptions and ongoing scrutiny from regulators.

Revenue in the second quarter fell three percent to 134 billion yuan ($19.8 billion) compared with the year before, while profits plunged by 56 percent to 18.6 billion yuan.

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Agence France-Presse (AFP) is a French international news agency headquartered in Paris, France. Founded in 1835 as Havas, it is the world's oldest news agency.

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