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Tencent has a major gaming problem

The crackdown on online gaming in China is hurting Tencent.The Chinese tech conglomerate said that it...

Posted: Aug 15, 2018 1:22 PM
Updated: Aug 15, 2018 1:22 PM

The crackdown on online gaming in China is hurting Tencent.

The Chinese tech conglomerate said that its net income for the three months that ended in June was 17.9 billion yuan ($2.6 billion), a decline of 2% compared to the same period last year. Revenue increased to 73.7 billion yuan ($10.7 billion).

Revenue fell well short of what experts thought. It was a rare miss for a company that has wowed investors by routinely topping market expectations for sales and user growth.

Tencent said that revenue from online games had dropped 19% from the previous quarter to 17.6 billion ($2.6 billion), a swing it attributed a lack of sales from popular tactical tournament games and the timing of new game releases.

The owner of messaging platform WeChat, which has more than 1 billion users, has struggled to secure approval from Chinese regulators to monetize some of its most popular online games.

Related: This South African company bet on Tencent in 2001. It paid off massively

Shares in Tencent dropped more than 3% on Tuesday after Chinese regulators banned a game called Monster Hunt World for which big sales were expected. Shares dropped another 3.6% in Hong Kong on Wednesday before the earnings were released.

The company said in a notice to players that said some game content "does not fully comply with the regulations, and the government regulator has received a large number of complaints."

Another game, Honor of Kings, has come under particularly intense scrutiny. A closely watched Communist Party newspaper publicly chastised Tencent last year over the game, claiming it caused addiction in young people.

Mississippi Coronavirus Cases

Data is updated nightly.

Cases: 307519

Reported Deaths: 7096
CountyCasesDeaths
DeSoto20784248
Hinds19894408
Harrison17493302
Rankin13316275
Jackson13099243
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Lee9859169
Jones8293160
Forrest7523146
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Calhoun163230
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Smith158634
Walthall130543
Greene129433
Lawrence126323
Noxubee125933
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Perry125138
Carroll120826
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Jefferson Davis105432
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Franklin81923
Quitman78916
Choctaw72817
Jefferson64828
Wilkinson64727
Sharkey49617
Issaquena1686
Unassigned00

Alabama Coronavirus Cases

Cases: 519071

Reported Deaths: 10712
CountyCasesDeaths
Jefferson754131487
Mobile37774798
Madison33868494
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Montgomery23969565
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Blount6488135
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Chilton4083109
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Tallapoosa3893146
Escambia388074
Dallas3527149
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Pike305875
Lawrence295395
Winston272372
Bibb256458
Marengo248661
Geneva245875
Pickens232959
Barbour224955
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Henry187844
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Randolph176941
Monroe171540
Washington164038
Macon154848
Clay149454
Crenshaw149357
Cleburne146041
Lamar139334
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Wilcox124327
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Sumter102932
Coosa99328
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Choctaw58724
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