Technology
Tencent earnings weigh on Chinese internet stocks
Kevin Frayer/Getty Images
-
Tencent reported
its first profit decline in nearly 13 years Wednesday. -
Shares are trading down almost 7% on
Wednesday. -
The results are weighing on Chinese tech stocks traded
in the US. -
Watch
Tencent trade in real time here.
Chinese tech stocks slid Wednesday in US trade
after Tencent
reported a
surprise 2% drop in second-quarter net profit, the first
decline for the Chinese tech giant in nearly 13 years. Tencent
shares are down 6.67% following the results.
The results were dragged down by slowing growth in mobile
gaming and a decline in PC gaming. Mobile gaming revenue jumped
19% year-over-year, making for a sequential decline of 19%.
Meanwhile, PC gaming revenue fell 5% versus a year ago.
Those results are causing a sharp reaction in Chinese
internet stocks across the board.
Here’s the
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