Tencent posts Q3 revenue drop as China’s economic slowdown and crackdown bite

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HONG KONG (Reuters) – Tencent Holdings (OTC:TCEHY) on Wednesday reported a second straight quarterly revenue drop, as China’s economic slowdown and regulatory crackdown hit its ad and gaming businesses.

Tencent, the world’s largest video game company and the operator of the WeChat messaging platform, said revenue fell 2% to 140 billion yuan ($19.8 billion) for the three months ended Sept. 31 from 142.3 billion yuan a year earlier.

Analysts on an average expected 141.6 billion yuan in revenue, according to Refinitiv.

($1 = 7.0858 Chinese yuan renminbi)