[Asia Economy Reporter Donghyun Choi] The quarterly revenue of Tencent, China's largest big tech company, has declined for the first time since its listing.
According to major foreign media including Bloomberg on the 17th, Tencent's revenue for the second quarter of this year was 134 billion yuan (approximately 25.92 trillion won), a 3% decrease compared to the same period last year. This is the first time Tencent's quarterly revenue has decreased since its listing on the Hong Kong Stock Exchange in 2004.
Operating profit for the same period was 18.6 billion yuan (approximately 3.59 trillion won), down 56% from the same period last year.
Bloomberg evaluated that the sharp decline in online advertising sales operated by Tencent's WeChat contributed to the revenue decrease. It also mentioned that China's economic recession is affecting even giant information technology companies. Additionally, it noted that Tencent has laid off about 5,000 employees, which is 5% of its total workforce.
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