Skip to content

Tencent Declares ‘Reckless’ Tech Era Over as Growth Tanks

  • Revenue rose 8% while profit beat thanks to a one-time gain
  • The social media giant is grappling with lingering issues
Video player cover image
WATCH: Tencent’s revenue grew by single-digits for the very first time, and at the slowest pace since its 2004 listing.Source: Bloomberg
Updated on

Tencent Holdings Ltd. pledged to embrace China’s new paradigm of stricter government oversight after reporting its slowest growth on record, declaring the end of an era that nurtured some of the world’s largest and most profitable corporations.

Co-founder Pony Ma and President Martin Lau led executives in endorsing Beijing’s year-long crackdown on Big Tech. They pointed out it mirrored a backlash against the enormous power of internet giants globally and argued more regulation will lead to healthier growth in the long run.