Tencent Holdings records surprise drop in profit on game approval freeze

After soaring into the ranks of the world's biggest companies, Tencent has lost more than $150 billion of market value as the company was unable to monetise new games

Tencent Holdings surprised investors with its first profit drop in at least a decade as a Chinese regulatory freeze on game approvals hurt its ability to make money off marquee titles.
 

Net income fell 2 per cent to 17.9 billion yuan ($2.6 billion) in the three months ended June, the Shenzhen-based company said. That’s well short of the 19.3 billion-yuan average of analysts’ estimates. The result underscored slowing growth in cash cow mobile game Honour of Kings, increased spending and fewer investment gains.
 

After soaring into the ranks of the world’s biggest companies, Tencent has lost more than $150 billion