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Tencent Profits Growth at Standstill After Regulatory Change Dents Games Sector
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variety.comPatrick Frater Asia Bureau ChiefTencent, China’s games, video and social media giant, saw its quarterly profits growth grind to a halt in the three months to September as it adjusted to a series of regulatory crackdowns that particularly crimp its mainland Chinese games business.Revenues in the period grew 13% to RMB142 billion ($22 billion) with net profits attributable to shareholders down 2% to RMB31.8 billion ($4.9 billion), the company said Wednesday in a regulatory filing.Over the first nine months of the year, revenues were up 19% to RMB415 billion, and profits attributable were up 29% to RMB130 billion.“During the third quarter, the internet industry, including the [Chinese] games industry, and certain advertiser categories,.
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