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China tech

Tencent suffers 1st revenue drop since IPO, denies Meituan share sale report

Chinese gaming company takes hit from downturn in domestic economy

Shenzhen-based Tencent's net profit has declined for several quarters.    © Reuters

HONG KONG -- Tencent Holdings' revenue shrank 3% to 134.03 billion yuan ($19.8 billion) in the April to June period, marking the first quarterly contraction since the company's 2004 listing as its core businesses took a hit from China's economic downturn.

The figure is slightly lower than the average estimate of 134.6 billion yuan by 54 analysts surveyed by Refinitiv.

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