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ChinaÔÇÖs Tencent Holdings Fourth-Quarter Revenue Disappoints

ChinaÔÇÖs Tencent Holdings reported a weaker-than-expected 7% rise in fourth-quarter revenue on Wednesday. The company, known as the worldÔÇÖs largest video game company and operator of the WeChat messaging platform, posted revenue of 155.19 billion yuan ($21.56 billion) for the three months ended Dec. 31. This figure fell short of the 157.2 billion yuan average of 23 analyst estimates compiled by LSEG.

TencentÔÇÖs core gaming business experienced a slowdown in the fourth quarter, with gaming revenue in China declining 3% to 27 billion yuan. International gaming revenue only increased by 1% to 13.9 billion yuan, or declined by 1% when excluding currency fluctuations.

The company announced plans to at least double the size of its share repurchases, from HK$49 billion in 2023 to over HK$100 billion ($12.78 billion) in 2024. Tencent president Martin Lau attributed the gaming revenue slowdown to zealous gamers who had already spent on their games in the first quarter of the previous year when China lifted all COVID-19 restrictions.

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