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Tencent Posts Record Q4 Profit Slump as China Video Game Ban Hives Earnings
Tencent Holdings posted its biggest profit decline in more than a decade Thursday, as a nine-month ban on new video game approvals in China clipped the tech giant's bottom line.
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Tencent said net profit for the three months ending in December came in at 14.299 billion yuan, missing the consensus forecast and falling 32% from the same period in 2017. Group revenues, however, rose 28% to a record 84.9 billion and were marked well ahead of analysts' estimates of 83 billion. Smartphone games sales rose 19% to 19 billion, Tencent said and were up 24% for the whole of 2018 to 77.8 billion.
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https://www.thestreet.com/investing/earn...s-14902958
Tencent Holdings posted its biggest profit decline in more than a decade Thursday, as a nine-month ban on new video game approvals in China clipped the tech giant's bottom line.
...
Tencent said net profit for the three months ending in December came in at 14.299 billion yuan, missing the consensus forecast and falling 32% from the same period in 2017. Group revenues, however, rose 28% to a record 84.9 billion and were marked well ahead of analysts' estimates of 83 billion. Smartphone games sales rose 19% to 19 billion, Tencent said and were up 24% for the whole of 2018 to 77.8 billion.
...
https://www.thestreet.com/investing/earn...s-14902958
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