Tencent Posts , First-Ever Revenue Decline.<br />CNN reports that on Aug. 17, <br />China's Tencent said that its quarterly <br />revenue fell 3% to $19.78 billion.<br />Net profit provided by equity holders fell 56%.<br />Revenue from online games decreased by 1% both domestically and abroad.<br />Ad revenue dropped <br />18% to $2.74 billion.<br />According to CNN, COVID lockdowns, fewer game approvals and gaming regulations are to blame.<br />This is the first time that the gaming giant has <br />had declining sales since going public in 2004.<br />In almost every other quarter until now, Tencent reported double-digit growth. .<br />Following Beijing's regulatory crackdown in 2020, Tencent remains China's most valuable company.<br />Despite losing almost 60% of its market value since a Feb. 2021 peak, Tencent is still <br />a $373 billion company.<br />The company's social network services saw a <br />1% revenue increase after its messaging platform, WeChat, brought in more from its video content.<br />In the short term, that may be its biggest growth driver. , Shawn Yang, manager director of Blue Lotus Capital Advisor, <br />in reference to WeChat video revenue, via CNN
