Gaming giant Tencent’s annual net profit falls 16%

Gaming giant Tencent’s annual net profit falls 16% FMTNews FMTBusiness

Tencent, a world-leading video games provider, has been seeking to diversify its business operations.

Tech titans such as Tencent and Alibaba have faced increasing pressure from Chinese authorities since 2020 after years of meteoric growth. The group recorded a quarterly revenue drop in the second quarter last year, the first since its 2004 IPO.Changes implemented last year would “position us to benefit from, and contribute to, a rebound in China economic growth which our users’ activity suggests is now underway”, he wrote.

Tencent, a world-leading video games provider, has been seeking to diversify its business operations and ensure its survival in the face of what it has referred to as “transitional industry challenges”.

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