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Tencent sees 1st profit slip in 13 years amid Beijing's game freeze

Results trigger widespread slide in high-tech stocks

Chinese social media giant Tencent's earnings for the second quarter missed market forecasts, dropping for the first time since 2005, as Beijing regulators withheld approval for the group to cash in on its most successful video game.

Net profit for the three months ended in June fell 2% on the year to 17.86 billion yuan ($2.59 billion), the world's biggest video game company announced on Wednesday. This marked Tencent's first decline in quarterly profit in nearly 13 years.

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