Chinese tech group Tencent reported its slowest revenue growth on record after being hit by China’s crackdown on technology companies and tough Covid-19 restrictions.
The company’s revenue was largely flat in the three months to March, while its net profit plummeted by 51 per cent to Rmb23bn ($3.5bn) compared with a year ago, missing analyst estimates.
Tencent’s results come a day after China’s top economic official met dozens of executives and industry experts, pledging “support” for technology companies amid a deepening economic slump.
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