Skip to content
Subscriber Only

Tencent’s Revenue Misses as ByteDance Chips Away at Ad Growth

  • Net income exceeded estimates but quarterly revenue fell short
  • Tencent and Alibaba are grappling with a Chinese slowdown
Video player cover image
Alibaba and Tencent Bid For Comeback After $140 Billion Wipeout
Updated on

Tencent Holdings Ltd.’s comeback is taking a little longer than expected. The Chinese social media giant’s shares tumbled more than 4% after quarterly revenue fell short of analysts’ projections.

China’s leading gaming company posted disappointing growth after rivals like ByteDance Inc. and a broader economic slowdown sapped advertising. Online ad revenue grew a worse-than-expected 16% as the internet wunderkind undercut Tencent’s efforts to load more ads into its WeChat super-app.