Tencent Holdings’ revenue missed estimates, signalling an uneven recovery for the world’s biggest internet arena as it grapples with rising Chinese economic turbulence and anemic consumer sentiment.
The country’s largest company reported a less-than-expected 11 per cent rise in revenue after sales from major divisions including gaming and cloud services fell well short of projections. Online advertising surged 34 per cent — the fastest in almost five years — in part because of algorithmic tweaks and a favourable comparison with last year’s COVID trough.
