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Companies

Tencent loses steam as new growth engines struggle to take off

Asia's once-most-valuable tech company suffers steepest profit drop in 14 years

HONG KONG -- Tencent Holdings, one of Asia's biggest valuable technology companies, has suffered its steepest decline in quarterly profit since 2005, and analysts say its troubles are far from over.

The Hong Kong-listed social media and video game developer reported Thursday that its net profit plunged 32% on the year to 14.23 billion yuan ($2.12 billion) during the fourth quarter of 2018.

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