SINGAPORE—Tencent Holdings nearly two-decade growth streak came to an end after the Chinese social-media and videogame giant posted its first quarterly revenue decline since it went public in 2004.
Tencent’s April-June revenue dropped 3% from a year earlier to the equivalent of $20 billion, the company said Wednesday, as China’s slowing economy further dented its online-advertising revenue, while its videogame business continued to struggle from tighter regulations at home. Its net profit tumbled 56% to the equivalent of around $2.8 billion. Both missed the expectations of analysts polled by FactSet.
